Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed

Saudi Arabia to record fiscal deficit in 2023; oil revenues to blame

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Oct 2023 18:24
2 Min Read

Saudi Arabia expects to record a fiscal deficit of around 2% of GDP in 2023 as attempts to raise oil prices fail.

  • x
  • Saudi Arabia to record fiscal deficit in 2023, blaming falling oil revenues.
    Saudi Finance Minister Mohammed al-Jadaan speaks during a press conference to announce Saudi Arabia's annual budget at the Finance Ministry, in Riyadh, Saudi Arabia, December 9, 2019 (AP)

Saudi Arabia is expected to record a fiscal deficit this year after reviewing its budget projections, the Kingdom's Finance Ministry announced late on Saturday.

Initially, Riyadh had planned for a surplus of 16 billion Saudi riyals ($4.27 billion) in 2023, however, the Ministry expects a deficit of 82 billion Saudi riyals ($21.86 billion), which amounts to 2% of the country's gross domestic product (GDP).

Saudi Arabia blames falling revenues on a drop in expected oil revenue as its attempts to raise oil prices by cutting global production failed.

The Ministry expects a deficit of 79 billion riyals, equivalent to 1.9% of Saudi Arabia's GDP in 2024.

In December 2022, the country announced its first-ever annual budget surplus in nearly a decade after oil prices rose as a result of the war in Ukraine, which led to disruption in the world's energy supply chains.

Related News

Saudi Arabia to reassess spending amid oil slump: Financial Times

Saudi Arabia posts $15.65 billion Q1 deficit as oil revenues fall 18%

This year, oil revenue fell by 17% as prices fell and Riyadh cut production in an attempt to push prices up.

Currently, Saudi Arabia produces 9 million barrels per day, which is two million fewer barrels a day year-on-year.

A rise in expenditure has also contributed to the predicted deficit, as the government led by Crown Prince Mohammed bin Salman (MBS) implements programs related to its controversial Vision 2030.

The Ministry says non-oil sectors have seen a revenue jump of 11% in the first half of 2023, while it expects fiscal deficits to persist into 2026.

Saudi Finance Minister Mohammed al-Jadaan said the government "will continue implementing fiscal and economic structural reforms to help develop and diversify the Saudi economy, and to increase economic growth while maintaining fiscal sustainability."

Read more: Russia hit largest oil exports revenue in July since Nov 2022: IEA

  • Vision 2030
  • Riyadh
  • Mohammed Bin Salman
  • Oil Production
  • Mohammed al-Jadaan
  • Oil prices
  • Saudi Arabia

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS