Saudi Arabia Faces Budget Deficit Despite Higher Oil Prices ...Middle East

Saudi Arabia is about to slip into a budget deficit in the 2023-2024 financial year despite higher oil prices, the finance ministry has said. The deficit was estimated at 2% versus an earlier projected surplus of 0.4%, and gross domestic product growth was seen at 0.03%, the ministry also said, as quoted by Reuters. The deficits will continue, too, because of Riyadh’s expansionary spending plans, the ministry noted. These plans appear to be expansionary enough to offset the effect of higher oil prices resulting from production caps. Meanwhile,…

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