RIYADH: Saudi Arabia reported a budget surplus of SR149.6 billion ($40 billion) in the first nine months of 2022, according to information from the Ministry of Finance.
According to the data, there were SR800.7 billion in expenses and SR950.2 billion in revenue. Oil revenue fell 8.5 percent to SR 229.02 billion in the third quarter, but grew 55 percent on an annualized basis.
The third quarter saw the Kingdom's non-oil revenue fall 39 percent on a quarterly basis to SR72.8 billion and a 24 percent year-on-year decline.
The ministry previously said it expected the surplus to reach SR90 billion, but figures from the most recent budget have exceeded those predictions. According to full-year projections, real GDP is projected to grow by 8% in 2022, while inflation could reach 2.6%.
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According to the initial statement of the Ministry of Finance of the Kingdom's General Budget for the year 2023, the total revenue of Saudi Arabia is projected to reach approximately SR1.12 trillion in 2023 and around ₹1.21 trillion in 2025.
In the upcoming fiscal year 2023, the total expenditure is estimated to be around SR1.11 trillion, and the expenditure limit is projected to be around SR1.13 trillion in 2025.
According to the finance minister, the state's general budget targets for the fiscal year 2023 represent a continuation of the effort to improve and strengthen the state's financial position.
To support economic growth, the government places high priority on strengthening the support and social security system and accelerating the pace of strategic spending on key projects and vision programmes. Mohamed al-Jadaan said.
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After implementing several policies and measures aimed at shielding the economy from the effects of inflation and supply chain issues, the state's economy has proved its strength and stability by achieving high growth rates, he continued. The surplus occurs when Saudi Arabia tries to shift its economy away from the oil industry.
The Kingdom's sovereign wealth fund will launch five more regional investment companies in the Sultanates of Jordan, Bahrain, Sudan, Iraq and Oman, according to an announcement made last week by Crown Prince Mohammed bin Salman.
This choice was made, following the establishment of the Saudi Egyptian investment company in August. With opportunities across multiple industries, the value of the targeted investments in all six companies will total SR90 billion.
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All businesses will see investments in infrastructure, property development, mining, healthcare, financial services, food and agriculture, manufacturing, telecommunications and technology as well as other strategic sectors.