Kingdom of Saudi Arabia Issues Budget Statement for the Fiscal Year 2023.
Kingdom of Saudi Arabia Issues Budget Statement for the Fiscal Year 2023 which shows tangible achievements on the economic and fiscal fronts.
The Ministry of Finance of the Kingdom of Saudi Arabia issues the Budget Statement for FY 2023.
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The document highlights the details of the approved budget in terms of revenue, expenditure by economic classification, sector, and most important fiscal and economic enablers, in addition to the most significant challenges facing the economy during the coming fiscal year and in the medium term.
The Saudi economy has achieved tangible positive improvements on the economic and fiscal fronts during the FY 2022, exceeding previous domestic and international expectations.
The policies implemented by the Government proactively contributed to limiting the impact of these challenges on the Country’s economy.
These reforms allowed additional fiscal space that enable acceleration of expenditure on the programs, projects, and strategies related to Saudi Vision 2030.
In the first quarter of 2023, the Kingdom reported impressive revenues of $74.89 billion, which is equivalent to SR280.94 billion.
Expenditure during the first quarter of 2023 amounted to $75.49 billion, which reflects a 21.9% decrease compared to the previous quarter.
The Kingdom’s non-oil revenue increased by 9% to reach $27.23 billion, which is equivalent to SR102.34 billion, in the first quarter of 2023 compared to the same period last year.
Despite a 3% drop in oil revenues, the country’s real gross domestic product grew by an impressive 3.9% year-on-year in the first quarter of 2023, thanks to the non-oil sector’s growth.
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The Saudi budget recorded a deficit of about $775 million, which is equivalent to SR2.91 billion, in the first quarter of 2023. However, the government has successfully reduced financing needs for the year 2023 by implementing advance financing operations.
Moreover, between January and March this year, the Kingdom’s activities in the non-oil sector, government services, and oil industry increased by 5.8%, 4.9%, and 1.3%, respectively. All of this points towards a bright future for the Saudi economy.
Source: Budget Statement for FY 2023