SAUDI ARABIA: Deficits projected to return due to higher spending plans

GULF COUNTRIES - Forecast 03 Oct 2023 by Justin Alexander

* The Saudi ministry of finance published its usual pre-budget statement and mid-year performance review.
* The government now projects deficits in 2023-26 whereas previously it was targeting surpluses.
* Projected expenditure has been revised up by 13% on average in 2023-25.
* Revenue is only projected to be 3% higher in 2023-25, although this looks conservative.
* Debt could increase to 27% of GDP in 2026 if used to finance the projected deficits.

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