The Saudi Ministry of Finance announced yesterday the Kingdom's budget for 2022, as the ministry expected that a surplus would be recorded in the budget for the first time since 2013, amounting to about 90 billion riyals. equivalent to 2.5% of GDP.
The budget revealed expectations of an increase in revenues by 12.4% to reach 1.045 trillion riyals, compared to 930 billion riyals expected for 2021.
Finance attributed this rise to the recovery of economic activity after the pandemic, the increase in value-added tax that has been applied since July 2020, in addition to developments in the oil markets with the rise The average price of Brent crude was near $70 a barrel until late last October.
The Saudi budget also witnessed a decline in expenditures from an expected trillion riyals in 2021, to reach 955 billion riyals in 2022, to 951 billion riyals in the year 2024.
The rise in total expenditures in 2021 is due to several main factors, the most important of which are expenditures related to the Corona pandemic, which include vaccine purchase expenses and the expansion of the age coverage of those covered by the vaccine more than planned. him.
It is expected that Saudi Arabia will continue to record a budget surplus in 2023 amounting to 27 billion riyals, and a surplus in 2024 amounting to 42 billion riyals.
The Saudi Ministry of Finance also expected in the budget statement that the size of the public debt in 2022 would range at similar levels from 2021, near 938 billion riyals, equivalent to 29.2% of GDP. Gross Domestic.
