Saudi Arabia Posts Budget Surplus of SAR104 bln in 2022

Saudi Arabia registered a budget surplus of 103.9 billion riyals ($27.68 billion) in 2022, beating the kingdom’s own estimates of SR102 billion, the Ministry of Finance announced on Thursday.

Boosted by higher oil prices, Saudi Arabia’s revenues in 2022 reached SAR1.268 trillion, an increase of 31% compared to 2021, according to the data released by the ministry.

Saudi Arabia's gross domestic product (GDP) grew by 8.7% in 2022, which is the highest annual growth rate in a decade, according to figures issued by the General Authority for Statistics (GASTAT).

International forecasts had capped the kingdom’s growth at 8.2%, however, the economic and financial reforms that Saudi Arabia underwent helped it register the highest growth rate among G20 countries in 2022.

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