Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower oil prices look set to weigh on revenue. The kingdom approved a 1.114 trillion-riyal ($296 billion) budget for 2023 on Wednesday, forecasting a surplus at 0.4% of gross domestic product (GDP), down from an expected 2.6% in 2022, Saudi media reported. Revenues are expected at 1.13 trillion riyals, down from 1.234 trillion riyals in 2022 as oil prices are likely to drop from this year's high levels. The kingdom expects a budget surplus of 102 billion riyals this year, an upwards revision from 2.3% of GDP expected in a
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