Saudi reports bumper budget surplus, first in nearly a decade

Saudi reports bumper budget surplus, first in nearly a decade

The surplus for 2022 amounted to SR102 billion ($27 billion), representing 2.6 per cent of GDP, according to preliminary estimates of finance ministry

Flow control valves on pipes at the Hawiyah Natural Gas Liquids Recovery Plant, operated by Saudi Aramco, in Hawiyah, Saudi Arabia.

By AFP Published: Thu 8 Dec 2022, 6:50 PM

Saudi Arabia said Wednesday it recorded its first annual budget surplus in nearly a decade, beating its own projections in a year of elevated oil prices.

The surplus for 2022 amounted to SR102 billion ($27 billion), representing 2.6 per cent of GDP, according to preliminary estimates, the finance ministry said.

That compared to a surplus of SR90 billion that had been projected for 2022 at the end of last year.

The world’s biggest crude exporter also preliminarily recorded GDP growth of 8.5 per cent for the year, the finance ministry said, higher than the 7.6 per cent predicted by the International Monetary Fund.

The budget approved for 2023 foresees a surplus of SR16 billion ($4 billion) and GDP growth of 3.1 per cent, the ministry said.

The strong data comes as much of the world grapples with widespread energy shocks and deepening worries about recession.

The Gulf kingdom has benefited from oil price hikes triggered by