RIYADH: Based on the government budget figures, Al-Rajhi Capital assessed the government’s 2023 budgeted revenues to likely be based on Brent at $76 per barrel.
Real GDP growth is forecasted to increase by nearly eight percent year-on-year in 2022 and 3.1 percent year-on-year in 2023, according to Al-Rajhi Capital.
Inflation is expected to be 2.6 percent and 2.1 percent in 2022 and 2023 respectively, Al-Rajhi said.
Revised 2022 revenues are mostly in line with estimates, however, the expenditure budget is much higher than from an earlier announcement, it said.
The 2023 spending budget was raised by 18 percent, with a slight fiscal surplus of SR9 billion expected for 2023.