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FinancialNews
01-11-22
KSA announces USD40B budget surplus for first 9 months of 2022
(MENAFN) According to information from the Ministry of Finance, Saudi Arabia reported a budget surplus of SR149.6 billion (USD40 billion) in the first nine months of this year. According to the figures, there were SR800.7 billion in expenses and SR950.2 billion in income.
Oil revenue dropped by 8.5 percent in the third quarter to SR 229.02 billion, although on an annualized basis, it increased by 55 percent.
The third quarter saw a decline in the Kingdom's non-oil revenues of 39 percent on a quarterly basis to SR72.8 billion and 24 percent on an annual basis.
The Ministry earlier stated that it expected the surplus to reach SR90 billion, but the most recent budget statistics have surpassed those predictions. Real GDP is anticipated to rise by 8 percent the current year, according to predictions for the entire year, while inflation may reach 2.6 percent.
According to the Ministry of Finance's preliminary announcement of the state's general budget for the year 2023, Saudi Arabia's overall revenues are anticipated to reach around SR1.12 trillion in 2023 and approximately 1.21 trillion in 2025.
MENAFN01112022000045014146ID1105111336
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