Saudi Arabia estimates 2023 budget revenue at SR1,123 trln with SR9 bln surplus

Saudi Arabia estimates 2023 budget revenue at SR1,123 trln with SR9 bln surplus

Saudi Gazette report RIYADH — Saudi Arabia estimated public revenue in 2023 budget at SR1,123 trillion, and expenditures at SR1,114 trillion, with an expected surplus of SR 9 billion, the Ministry of Finance said in its 2023 pre-budget statement announced on Friday. The estimated surpluses represents about 0.2% of the total GDP. The ministry said it will continue the work to raise the efficiency and effectiveness of spending and fiscal control, and to continue strengthening the Kingdom's fiscal position, implementing economic and fiscal reforms, achieving the goals of Vision 2030, its programs, initiatives and major projects, as well as promoting the growth of local investment by building partnerships with the private sector and qualifying it to include all regions of the Kingdom. “The pre-budget statement for 2023 reflects progress in implementing programs and projects that support economic growth and diversification, improving public services, and enhancing programs for welfare and social protection systems, while preserving the gains made during previous years in public finance,” the ministry said. growth to achieve the fiscal and economic objectives for 2023. The indicators show continuous progress in most economic activities, and this growth is expected to continue in the medium term. Minister of Finance, Mohammed