Saudi Arabia expects a first budget surplus in 2022 after years of budget deficits due to the coronavirus pandemic. The kingdom’s total revenues are expected to increase to SAR930 billion ($247.65 billion) in 2021 from SAR782 billion ($208.24 billion) in 2020. In 2022, the revenues are projected to rise further to SAR1.045 trillion ($278.28 billion), resulting in a 2.5% surplus, thanks to rising crude production and prices as well as an expenditure saving and higher taxes.
Economists said Saudi Arabia’s 2022 projected expenditures would need a fiscal breakeven Brent price of around $65 per barrel. Meanwhile, the revenue estimate appeared to be based on an oil price of $75 per barrel. The kingdom’s debt levels stood around 25.9% of GDP and are projected to shrink to 25.4% by 2024, owing to the expected surpluses.
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Published on December 13, 2021 3:15 PM (GMT+8)Last Updated on December 13, 2021 3:15 PM (GMT+8)
