IMF projects Saudi Arabia budget deficit at 1.2% of GDP in 2023

The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2% of GDP in 2023, from a surplus of 2.5% in 2022, it said in its latest assessment report on Wednesday.

Saudi Arabia's economy grew 8.7% last year on the back of high oil prices, allowing it to record its first budget surplus in almost a decade. But cuts to production this year and lower prices are expected to hit oil revenues and weigh on growth.