Saudi Arabia Releases 2021 Pre-Budget Statement

Saudi Arabia’s revenues are expected to reach $240.8 billion in 2022, according to a pre-budget statement released by the Ministry of Finance. The forecast further projects expenditures to reach $254.6 billion, totaling a budget deficit of $13.8 billion. For 2021, total revenues are projected to reach $248 billion while expenditures stand at $270.6 billion, for a budget deficit of $22.66 billion. The Kingdom projects it will post a budget surplus of $7.2 billion in 2023, the first time it will do so since 2013, which will increase to $11.2 billion in 2024. The statement attributed factors such as rising oil prices, post-pandemic economic stabilization, and the improvement of global supply chains to the positive outlook. The Kingdom not only envisions the recovery of most economic activities, but also expects certain sectors to surpass pre-pandemic levels.