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Saudi Arabia is expected to have a budget surplus in 2023 but it is 84% lower than that of this year due to “uncertain global economic outlook and lower crude prices.” The budget of 2023 will be 1.114 trillion-riyals ($296 million) with a surplus of 0.4%. The surplus is to be used “to boost government reserves, support state funds, like PIF, and strengthen the kingdom's financial position,” as was said by Crown Prince Mohammed bin Salman. Furthermore, Monica Malik, chief economist of the ADCB claims that the economic impact of this reduction in surplus is to be “limited”. The country has exhibited restraint fiscally following the COVID-19 pandemic where oil prices “collapsed”. However, due to rising oil prices, Saudi Arabia was able to have its first budget surplus this year since 2013.

Saudi Arabia Expects Narrower 2023 Surplus as Uncertainty Clouds Oil Outlook

Saudi Arabia is expected to have a budget surplus in 2023 but it is 84% lower than that of this year due to “uncertain global economic outlook and lower crude prices.” The budget of 2023 will be 1.114 trillion-riyals ($296 million) with a surplus of 0.4%. The surplus is to be used “to boost government reserves, support state funds, like PIF, and strengthen the kingdom’s financial position,” as was said by Crown Prince Mohammed bin Salman. Furthermore, Monica Malik, chief economist of the ADCB claims that the economic impact of this reduction in surplus is to be “limited”. The country has exhibited restraint fiscally following the COVID-19 pandemic where oil prices “collapsed”. However, due to rising oil prices, Saudi Arabia was able to have its first budget surplus this year since 2013.

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