Saudi Arabia has reported a budget deficit of 80.946 billion riyals ($21.58 billion) for the fiscal year 2023, according to the finance ministry’s official statement released on Wednesday. The figures shed light on the economic challenges faced by the Kingdom during this period.
The revenue generated by Saudi Arabia in 2023 amounted to 1.212 trillion riyals, encompassing a substantial oil revenue component of 754.6 billion. Despite the substantial income, the country’s expenditures totaled 1.293 trillion, resulting in the noteworthy deficit.
The breakdown of the annual financials highlights the intricacies of Saudi Arabia’s fiscal management, with the deficit reflecting the gap between revenue and expenditure. The Ministry’s statement provides stakeholders, economists, and the public with crucial insights into the economic dynamics that influenced the Kingdom’s financial landscape throughout the year.
Additionally, the fourth-quarter deficit for Saudi Arabia was specifically noted at 36.995 billion riyals, further contributing to the overall annual deficit. As the Kingdom navigates economic challenges and works towards financial stability, these figures serve as a comprehensive snapshot of its fiscal performance during the specified period.
