Oil-reliant Saudi revises budget, projects deficit ...Kuwait

Saudi Arabia has revised down its budget projections and now expects to record a deficit this year, the finance ministry said late Saturday, reflecting rising expenditures and falling oil revenue. The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion) in 2023 but now predicts a deficit of 82 billion Saudi riyals ($21.86 billion), or two percent of GDP, according to the ministry's pre-budget statement. A deficit of 79 billion riyals, or 1.9 percent of GDP, is expected next year, the statement said. Saudi Arabia in December announced it had recorded its first annual budget surplus in nearly a decade, be

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Oil-reliant Saudi revises budget, projects deficit ...Kuwait

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