Riyadh – Mubasher: Saudi Arabia expects to post a gross domestic product (GDP) growth of 7.5% in 2022, compared to an expected 2.6% in 2021 and a contraction of 4.1% in 2020, the preliminary budget statement for 2022 showed on Thursday.
Moreover, the kingdom's economy is expected to further grow by 3.6% in 2023 and 3.3% in 2024, the Ministry of Finance said.
The nominal GDP is forecast to reach SAR 3.162 trillion next year, compared to a projected SAR 3.102 trillion by the end of this year and SAR 2.625 trillion in 2020.
Inflation is expected to register 1.3% in 2022, down from an expectation of 3.3% in 2021 and 3.4% last year.
Budget estimates showed expenditures of SAR 955 billion in 2022, down from SAR 1.015 trillion in 2021, and revenues of SAR 903 billion next year, compared to SAR 930 billion this year.
The budget deficit is expected to reach 1.6% of GDP in 2022, down from 2.7% in 2021, while the public debt is forecast to increase to 31.3% in 2022 from 30.2% this year.
