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
Palestinian websites: Initial reports of a tough security incident the occupation army is facing in Khan Younis, south of the Gaza Strip
Israeli media: The Israeli army detected a missile launch from Yemen
Al Mayadeen's correspondent from Revolution Square in Tehran: Processions from Bahrain, Iraq, and other Arab nations are in attendance
Iranians gather at Tehran’s Revolution Square for the funeral of martyrs of Israeli aggression
Maduro: I call on the Jews to stop the war madness practiced by the Zionist regime led by Netanyahu
Maduro: Every day, 100 people are killed in Palestine, and the West is watching and is complicit
Iran's representative to the United Nations, in a letter to Guterres and the Security Council: The threat of America and the Zionist entity to assassinate the Supreme Leader is state terrorism.
Washington to the Security Council: The goal was to destroy Iran's uranium enrichment capacity and prevent the threat of Tehran obtaining and using a nuclear weapon
Lebanese Health Ministry: 1 woman martyred, 11 wounded in Israeli strike on residential apartment in Nabatieh, South Lebanon.
Al Mayadeen's correspondent: Four civilians injured in Israeli strike that targeted house in Nabatieh al-Fawqa, South Lebanon.

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

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli occupation soldiers search for settlers amid the rubble of buildings destroyed by an Iranian missile strike in Bat Yam, central occupied Palestine, on Sunday, June 15, 2025 (AP)
Politics

Iran missile strike flattens Bat Yam, displaces 2,000 settlers

Palestinian fighters from the Islamic Jihad militant group riding on a truck with weaponry on display take part in an anti-Israel parade marking the 36th anniversary of the movement's founding, in Gaza City, Wednesday, Oct. 4, 2023 (AP)
Politics

Palestinian Resistance attacks Israeli forces in Khan Younis, Jabalia

Iranian Foreign Minister Abbas Araghchi stands waiting to meet Russian President Vladimir Putin for the talks at the Kremlin in Moscow, Russia, Monday, June 23, 2025 (AP)
Politics

Iran suspends IAEA cooperation, Araghchi blames Grossi for attacks

The commander of the Quds Force's Palestine Unit, Brigadier General Mohammad Said Izadi (Illustrated by Mahdi Rtail for Al Mayadeen English)
Politics

Who was Mohammad Said Izadi, head of the Quds Force's Palestine Unit?

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