Economy

Saudi Arabia reports first budget surplus in nearly 10 years

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The Kingdom Tower (center) stands on the skyline above the King Fahd highway in Riyadh, Saudi Arabia.

Simon Dawson | Bloomberg | Getty Images

Saudi Arabia reported its first budget surplus in nearly 10 years, thanks to its revenue being ramped up by elevated oil prices.

The 2022 surplus came to 102 billion riyals ($27 billion), constituting 2.6% of Saudi gross domestic product, according to the kingdom’s finance ministry, releasing what it said were preliminary estimates.

Total revenue for this year was estimated at 1.234 trillion riyals, while spending amounted to 1.132 trillion…



Source cnbc.com

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