Ministry of Finance issues 2023 pre-budget statement

The Ministry of Finance released pre-budget statement for the fiscal year 2023. It estimated 2023 public revenue at SAR 1.123 trillion, expenditures at SAR 1.114 trillion, with an expected surplus of SAR 9 billion. 

Saudi Arabia expects to post a surplus of 0.2% of the Kingdom’s gross domestic product (GDP), with the continuation of work to raise the efficiency and effectiveness of spending and fiscal control, and to continue strengthening the Kingdom's fiscal position, implementing economic and fiscal reforms, achieving the goals of Vision 2030, its programs, initiatives and major projects, as well as promoting the growth of local investment by building partnerships with the private sector and qualifying it to include all regions of the Kingdom. 

The pre-budget statement for the fiscal year 2023 reflects progress in implementing programs and projects that support economic growth and diversification, improving public services, and enhancing programs for welfare and social protection systems, while preserving the gains made during previous years in public finance, in addition to improving and developing the legislations and policies that led to the Kingdom's progress in indicators of ease of doing business, ensuring continued economic performance and growth to achieve the fiscal and economic objectives for 2023. The indicators show continuous progress in most economic activities, and this growth is expected to continue in the medium term.