Saudi Arabia Registers Budget Surplus

The Saudi Ministry of Finance announced today, Thursday, that the Kingdom recorded a budget surplus of 103.9 billion SAR (27.68 billion USD) in 2022, an increase from previous estimates due to the rise in oil prices boosting government revenues by 31%. The world's largest oil exporter posted a real GDP growth of 8.7% in 2022, resulting in the first budget surplus for the state in nearly a decade. According to a report from the Ministry of Finance, non-oil revenues rebounded in the fourth quarter, rising by 19% compared to the same period last year, surpassing the 17% increase in oil revenues during the fourth quarter. The Gulf state recorded a financial surplus in the first three quarters of 2022 but reported a deficit of 45.7 billion SAR in the fourth quarter as OPEC+ began to cut oil production.