On 7 December 2022, the Saudi Ministry of Finance released the Kingdom's 2023 budget statement. This report is part of Strategic Gears' commitment to highlighting important takeaways from Saudi Arabia's yearly budget release.
We review the Kingdom's economic and fiscal performance in 2022, and focus on the budget's major themes for 2023, macroeconomic assumptions for 2023 and the year's general economic and fiscal outlook, as well as important medium-term priorities.
Overall, Saudi Arabia’s economic fundamentals remain strong amid global uncertainties. The government's intention to continue to prioritise budgetary sustainability is highlighted in the 2023 budget statement. The Kingdom's ambitions for fiscal consolidation will be realized over the medium term through a mix of conservative spending and sustained oil and non-oil revenues.
The Vision 2030 Realization Programs, sustaining social expenditures, investing in megaprojects, and boosting private sector participation will continue to be the medium-term goals in line with overall Vision 2030 objectives.