IMF projects Saudi Arabia budget deficit at 1.2% of GDP ...Kuwait

The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2 percent of GDP in 2023, from a surplus of 2.5 percent in 2022, it said in its latest assessment report on Wednesday. The Saudi government has forecast a second consecutive budget surplus for this year, albeit narrower than in 2022. Saudi Arabia's economy grew 8.7 percent last year on the back of high oil prices, allowing it to record its first budget surplus in almost a decade. But cuts to production this year and lower prices are expected to hit oil revenues and weigh on growth. On Tuesday, Saudi Arabia and Russia said they would extend voluntary oil cuts to the end of t

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Last updated : 06 September 2023 clock 08:21 PM

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IMF projects Saudi Arabia budget deficit at 1.2% of GDP ...Kuwait

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