Saudi Revenues Surprise, Top Expectations Despite Oil Cuts
- 2023 revenues at $318 billion were about 5% more than forecast
- Fiscal projection for next year unchanged from earlier outlook
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Saudi Arabia recorded higher budget revenues than expected this year despite a sharp drop in oil prices and production.
Still, a ramp-up in spending on Crown Prince Mohammed bin Salman’s multi-trillion-dollar plan to diversify the economy left the budget with a deficit of 82 billion riyals ($22 billion), according to official figures published on Wednesday.