Saudi Arabia posts a $27 billion budget surplus and projects $328 billion income for the next year

Saudi Arabia had a budget surplus of $27.13 billion (SR102 billion) this year and anticipates revenues of $328 billion (SR1.234 trillion) next year. The budget surplus, as reported by Saudi-owned Al Arabiya TV, is higher than previously expected. It was marked up SR12bn ($3.2bn) on a stronger-than-expected economic performance. GDP in Saudi Arabia will see a growth of 8.5 percent.
In a pre-budget statement issued in September, the Kingdom expected growth to be around 8 percent, and this time last year it was predicting 7.5 percent growth. The GDP forecast for the year ahead is a more modest 3.1 percent.
Inflation for 2022 was recorded at 2.6 percent and is expected to fall to 2.1 percent in the year ahead.
The Kingdom has established a budget for 2023 and anticipates spending SR1.32tn ($352bn) and income of SR1.234tn ($328bn). As a result, 2.6% of GDP would be in surplus.