an estimated budget of $334 billion for 2024

AA / Riyadh / Tariq Khaled

Saudi Arabia’s Ministry of Finance announced on Saturday evening in a preliminary statement its estimates of the main indicators for next year’s budget, totaling 334 billion US dollars.

The ministry said in a statement that it expects its budget deficit for next year to reach 79 billion riyals ($21 billion), with spending estimated at 1.251 billion riyals ($334 billion). ).

It also expects its 2023 budget deficit to reach around 82 billion riyals ($22 billion), thanks to expenditures of 1,262 billion riyals ($337 billion) and revenues of 1,180 billion riyals ($315 billion).

Last December, Saudi Arabia released its 2023 budget, with spending of $297 billion, against revenue of $301 billion, and expecting a surplus of $4 billion.

Saudi Arabia is the world’s largest oil exporter and the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), and its economy is heavily dependent on it.

The economies of the Arab countries of the Gulf attach great importance to the most important budget figures of Saudi Arabia, the largest Arab and Gulf economy.

In a statement on Saturday, the ministry expects the Saudi economy to grow by 0.03% in 2023 and 4.4% in 2024.

Saudi GDP grew by 8.7% in 2022, the highest growth in 11 years.

According to the announcement, the inflation rate is expected to be 2.6 percent this year, and 2.1 percent next year.

*Translated from Arabic by Malèk Jomni

Only a part of the dispatches, which Anadolu Agency broadcasts to its subscribers through the Internal Broadcasting System (HAS), is broadcast on the AA website, in a condensed form. Please contact us to subscribe.