Saudi Arabia approves 2023 budget, surplus seen shrinking - Saudi media

Saudi Arabia approved on Wednesday a 1.114 trillion-riyal ($296 billion) budget for 2023 expected to post a surplus of 16 billion riyals, Saudi media outlets reported.

Saudi Arabia expects revenues of 1.13 trillion riyals next year, Saudi-owned Al Arabiya TV reported. The surplus is equivalent to 0.4% of gross domestic product (GDP).

Total revenues are forecast at 1.234 trillion riyals for 2022, while spending is 1.132 trillion riyals, meaning a surplus of 102 billion riyals, or 2.6% of GDP.

GDP growth is forecast to slow to 3.1% in 2023 from 8.5% this year, an upwards revision of half a percentage point from a preliminary budget forecast.

($1 = 3.7600 riyals)