Saudi Arabia budget records surplus of $4.27bn in 2023 ...Middle East

DUBAI: The Saudi Arabia 2023 budget recorded a surplus of 16 billion riyals ($4.27 billion) compared to the government’s previous forecast deficit of 82 billion riyals, the investment ministry said on Monday, citing preliminary data. The Saudi government had forecast the deficit for 2023 with lower crude production and prices weighing on revenue. Saudi Arabia also turned a deficit of 35.8 billion riyals ($9.54 billion) in the third quarter of 2023 into a surplus of 60 billion riyals ($16 billion) in the fourth quarter. IMF cuts Saudi Arabia’s 2024 GDP forecast amid lower oil production The surplus “might be due to the decline in the government’s expenditure,” which fell 40.7%, the investme

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