RIYADH: Saudi Arabia recorded a 31 percent rise in government revenues to reach SR1.26 trillion ($335.6 billion) in 2022, the Ministry of Finance said on Thursday.
The world’s top oil exporter recorded real gross domestic product growth of 8.7 percent in 2022 leading to the Kingdom’s first budget surplus in almost a decade. The country posted a budget surplus of SR103.9 billion, up from prior estimates of SR102 billion.
Oil revenue reached SR857.3 billion, while non-oil revenue was recorded at SR410.9 billion in 2022. However, non-oil revenue picked up in the fourth quarter, rising 19 percent from the prior-year period, outperforming oil revenue which increased 17 percent in the fourth quarter, according to a report from the Finance Ministry.
Total spending in 2022 rose 12 percent from the previous year to SR1.16 trillion. Saudi Arabia’s total public debt stood at just over 990 billion riyals at the end of 2022.
In the fourth quarter of 2022, actual revenue reached SR317.9 billion, while expenditures stood at SR363.7 billion. The Kingdom posted a deficit of SR45.7 billion in the three-month period.
