Saudi Arabia posts surplus of 27 billion US dollars with oil windfall

Saudi Arabia posted a budget surplus of US$27 billion (SR102bn) this year and 8.5% economic growth as the kingdom enjoys a petrodollar windfall from high oil prices.

Revenues are expected to reach SR1.13 trillion (US$300 billion) next year in a baseline scenario, down from an expected SR1.23 trillion this year, it said in its budget statement for 2023. Its forecast surplus for next year is SR16bn (US$4.25 billion).