Saudi Arabia had a budget surplus of $40bn in the first three quarters of the year, according to official data from the country’s Ministry of Finance.
Revenues for the first nine months of 2022 were $253bn (SR950bn) while the expenditure for the same period was $213bn (SR800), the accounts showed.
Oil revenues, as would be expected, represented the most significant proportion of income at $177bn for the year so far. Q3 saw a decline on the period of April to June with revenues falling from $67bn to $61bn, but it is still 55 per cent increase on the previous year.
Saudi Arabia budget forecast
In a pre-budget report looking ahead to 2023 the Ministry of Finance forecasts total revenues of $298bn (SR1.12tn) rising to $322bn (1.21tn) by 2025. The budget forecasts see revenues outpacing expenditure over the same period.
Saudi is actively diversifying its economy away from a reliance on oil.
Last week Crown Prince Mohammed bin Salman announced that the kingdom’s Public Investment Fund (PIF) would launch five new investment firms in countries around the Middle East.
The new companies are aimed at investing in Bahrain, Iraq, Jordan, Oman, and Sudan.
Sectors that the funds will focus on will include infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology, among other strategic sectors and industries in each country.
The announcement follows the launch of the Saudi Egyptian Investment Company (SEIC) in August 2022.
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