Amid Economic Recovery.. Saudi 2022 Budget achieves SR102 ‎bln surplus, revenues jump 33%‎

The Ministry of Finance announced the Saudi budget for the current year 2022, as revenues hit 1234 billion riyals, expenditures reached 1132 billion riyals, so the Kingdom achieved a surplus of 102 billion riyals, compared to a deficit of SR 85 billion in the budget of 2021, and hence, it is a strong indicator of economic recovery.

On the other hand, the actual revenues for the year 2022 increased to 1234 billion riyals, by 33% over the revenues recorded in the previous year 2021, which were 930 billion riyals.

The surplus recorded in 2022 is the first after 8 consecutive years of the Saudi budget recording deficits from 2013 to 2021.

The budget surplus comes as an affirmation of the effectiveness of the realistic and responsible policies in addition to measures taken by the government in dealing with challenges that have limited the humanitarian, financial and economic repercussions by providing strong support to the health and private sectors while maintaining financial sustainability for the medium and long term, and that these policies reflected positively on recovery of the domestic economy, which witnessed rapid growth in a number of economic activities.

It is expected that these surpluses will be directed to enhance government reserves, support development funds and the Public Investment Fund, in addition to consider the possibility of accelerating the implementation of some strategic programs and projects with an economic and social dimension, or paying part of the public debt according to market conditions.

In the medium term, the government seeks to support the continued recovery in economic activity, while preserving the initiatives that were launched during the past years, and committing to achieving the goals of the Kingdom’s Vision 2030 by reducing dependence on oil revenues, diversifying the economy, developing non-oil revenues, and ensuring its sustainability, in line with the progress made during the last period in the implementation of vision realization programs and major projects, as well as investment projects in various sectors, including infrastructure projects.

The Kingdom’s economy is recording continuous growth in term of supporting the private sector, and at the top of these potentials comes the effective developmental contribution from the projects and programs carried out by the Public Investment Fund and the National Development Fund, in addition to the progress in implementing the National Industrial Development and Logistics Program (NIDLP), National Investment Strategy, Shareek program, financial sector development program, and privatization. The success of these capabilities is positively reflected on the performance of public finances by stimulating and diversifying economic growth, and thus improving non-oil revenues, and the success of these capabilities also decreases pressure on government spending, especially with the private sector driving investment and employment.