June 3, 2023

Dubai Week

Complete Dubai News World

Saudi budget surplus exceeds 2022 estimates

Saudi budget surplus exceeds 2022 estimates

It rose 49% in the first half of the year to $36 billion

The actual Saudi budget for the first half of the year posted a surplus of 135.3 billion riyals ($36 billion) amid revenue and expenditure of 648.3 billion riyals ($172.8 billion), in a performance that beat the government’s estimate of a current-year surplus. 512.9 billion riyals ($136 billion), the Finance Ministry announced yesterday.

The results come at a time when the government budget for the current year is estimated to be over a trillion riyals, specifically 1.045 trillion riyals ($278.6 billion), compared to total expenditures estimated at 955 billion riyals ($254.6 billion), a surplus. About 90 billion riyals ($24 billion).

According to a statistical report released by the Finance Ministry, the performance for the first half of the current financial year (2022) has registered a growth of 49%, which is the same rate as the revenue growth in the second quarter compared to the first quarter. quarter of this year.

According to the report, revenues from oil revenues rose 75 percent to 434 billion riyals ($115.7 billion) in the first half compared to the same period last year, while non-oil revenues continued their performance growth, reaching a 5 percent increase. percent.

Energy prices and non-oil sectors were able to support the country’s general budget in the first six months, experts told Asharq Al-Awsat, while the state’s plans led the country to implement various resource and fiscal reforms. Over the years it has succeeded in reflecting the performance of the public budget.