RIYADH: Saudi Arabia is expecting its budget surplus in 2022 to hit SR90 billion ($24 billion), and another SR9 billion next year, the Ministry of Finance announced on Friday.

Looking at the full year 2022 projections, real GDP is expected to grow by 8 percent, while the inflation in 2022 may record about 2.6 percent.

Looking at the next year’s projections, Saudi total revenues are expected to reach about SR1.12 trillion in 2023, while reaching about 1.21 trillion in 2025, according to the Ministry of Finance’s preliminary statement of the state’s general budget for the year 2023.

Total expenditures are expected to reach about SR1.11 trillion in the next fiscal year 2023, and that the expenditure ceiling will reach about SR1.13 trillion in 2025.

The objectives of the state’s general budget for the fiscal year 2023 come as a continuation of the process of work to strengthen and develop the financial position of the Kingdom, the finance minister said.

“The government attaches great importance to enhancing the support and social protection system and accelerating the pace of strategic spending on Vision programs and major projects to support economic growth,” Mohammed Al-Jadaan said.

The Kingdom’s economy has demonstrated its strength and durability by achieving high growth rates, after taking many policies and measures with the aim of protecting the economy from the repercussions of inflation and supply chain challenges, he added.