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Saudi Arabia exceeds budget surplus and economic growth forecastsBreaking

December 08, 2022

Saudi Arabia has recorded a budget surplus for 2022 of 102 billion riyals ($27.13 billion), which is 12 billion riyals higher than predicted figures.

Saudi King Salman on Wednesday chaired a Cabinet session announcing the state's general budget for the next fiscal year.

King Salman approved a 1.114 trillion riyal budget for 2023, expecting revenues of 1.13 trillion riyals next year.

“The Saudi citizen is the kingdom's greatest asset for success,” Crown Prince Mohammed bin Salman, who is also the kingdom's Prime Minister, said at the session.

“More than 2.2 million Saudis work in the private sector, which is the highest number in history."

Prince Mohammed said the government sought to provide a decent standard of living for citizens, especially those in the lower-income group.

He directed ministers to implement the budget programmes and social projects

“We will continue to implement programmes and projects that have an economic and social return, and raise economic growth rates for the coming year and in the medium term,” Prince Mohammed said.

Credit: Independent News Pakistan-INP