Saudi Crown Prince Mohammed bin Salman considered that "the fiscal year 2023 budget supports economic diversification and empowerment of the private sector." Pointing out that "the economic recovery and fiscal control initiatives and policies have achieved a budget surplus."
After announcing the budget for the new fiscal year, the Saudi Crown Prince noted, "The national strategy for industry has identified more than 800 investment opportunities worth a trillion riyals." Noting, "The unemployment rate decreased to 9.7 percent during the second quarter of 2022, and the number of citizens working in the private sector recorded the highest number in history, with about 2.2 million citizens."
As for the role of women in strengthening the national economy, he stressed, "Women’s economic participation increased from 17.7 percent to 35.6 percent."
In addition, the final data of the Saudi general budget for the fiscal year 2022 showed that a surplus of 102 billion riyals was achieved, which is the first since 2013. According to the data, the surplus is 2.6 percent of the Kingdom's GDP.
According to the new budget, projections indicate that Saudi Arabia will record economic growth of about 3.1 percent in 2023. According to estimates, public debt will decline by 3.5 percent in 2023 to 951 billion riyals. The budget also aims to allocate 72 billion riyals for economic resources.
Source (CNBC Arabic website, Edited)
