($1 = 3.7540 riyals)
(Reporting by Nayera Abdallah and Yousef Saba; Writing by
Rachna Uppal; Editing by Toby Chopra and Shounak Dasgupta)
(Adds details on revenue, background)
DUBAI, March 9 (Reuters) - Saudi Arabia recorded a
budget surplus of 103.9 billion riyals ($27.68 billion) in 2022,
beating its own estimates, as higher oil prices boosted
government revenues by 31%, according to finance ministry data.
The world's top oil exporter recorded real GDP growth of
8.7% in 2022 leading to the Gulf state's first budget surplus in
almost a decade.
It had previously estimated a budget surplus of 102 billion
riyals, or about 2.6% of GDP, for 2022, but is projecting a
narrower surplus for 2023.
Saudi Arabia's total revenues in 2022 hit nearly 1.27
trillion riyals, up 31% over 2021, and slightly higher than
estimated. Oil revenues in 2022 totaled about 857.3 billion
riyals, up 52% from the previous year.
However, non-oil revenue picked up in the fourth quarter,
rising 19% from the prior-year period, outperforming oil revenue
which increased 17% in the fourth quarter, according to a report
from the finance ministry.
Total spending in 2022 rose 12% from the previous year to
1.16 trillion riyals.
The Gulf state recorded a fiscal surplus in the first three
quarters of 2022, but reported a deficit of 45.7 billion riyals
in the fourth quarter, when OPEC+ oil production cuts kicked in.
Saudi Arabia's total public debt stood at just over 990
billion riyals at the end of 2022.
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