DUBAI: The Saudi Arabia 2023 budget recorded a surplus of 16 billion riyals ($4.27 billion) compared to the government’s previous forecast deficit of 82 billion riyals, the investment ministry said on Monday, citing preliminary data.
The Saudi government had forecast the deficit for 2023 with lower crude production and prices weighing on revenue.
Saudi Arabia also turned a deficit of 35.8 billion riyals ($9.54 billion) in the third quarter of 2023 into a surplus of 60 billion riyals ($16 billion) in the fourth quarter.
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The surplus “might be due to the decline in the government’s expenditure,” which fell 40.7%, the investment ministry said.
Total revenues for 2023 were estimated in December, the latest forecast, at 1.193 trillion riyals despite extended voluntary oil production cuts by Saudi Arabia of 1 million barrels per day for much of this year.
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