The International Monetary Fund expects Saudi Arabia's budget deficit to be 1.2% of GDP in 2023

The International Monetary Fund said that it expects the budget deficit of the Kingdom of Saudi Arabia to reach 1.2% of GDP in 2023 from a surplus of 2.5% in 2022, and the Saudi government expected to achieve a budget surplus for the second time in a row for this year, albeit less than it was On it in 2022.

The Saudi economy grew by 8.7% last year as oil prices rose, allowing it to record its first budget surplus in nearly a decade, but production cuts this year and lower prices are expected to affect oil revenues and affect growth.

The International Monetary Fund expects overall economic growth in 2023 to slow sharply to 1.9% with oil GDP growth declining by 2.5% this year, and non-oil GDP growth is expected to reach 4.9% this year.

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