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  • 12-12-21

    Projections for Saudi Arabia budget deficit to drop to USD13.8b

    (MENAFN) Based on pre-budget forecast of the Saudi Ministry of Finance, the kingdom’s budget deficit is expected to decrease to reach SR52 billion (USD13.8 billion) in the upcoming period in comparison to SR85 billion in this year. This prediction is going be revised this week when the fiscal budget is declared.

    During 2022, the country’s profits are predicted to hit SR903 billion (about USD240.6b), while spending SR955 billion (about USD254.5).

    This forecast comes after the country’s budget deficit declined significantly during the first two quarters of this year as a result of more fiscal discipline and growing non-oil profit. It fell to 92 percent to reach SR12 billion (about USD3.19b).

    The present expectations indicate the country sustaining a deficit of approximately 1 percent of the gross domestic product over 2024.

    MENAFN12122021000045013568ID1103345043

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