Arab nations see 9.8% surge in public expenditure, reaching $957.5bn in 2022: report
Public spending in Arab countries surged by 9.8% to $957.5 billion in 2022, according to a report by the Arab Monetary Fund.
The report, the 43rd Joint Arab Economic Report, showed this increase from $878.9 billion in 2021, with current expenditures up to $824.6 billion, marking a 9.9% rise. Capital expenditures also grew by 3.6%, reaching $132.5 billion.
Arab nations recorded a budget surplus of $119.6 billion in 2022, contrasting sharply with the previous year's $62.5 billion deficit. There was also a significant increase in average per capita GDP, up by 22.1% to $8,563 in 2022 from $6,993 in 2021, and GDP at constant prices rose by 6%.
These improvements are partly due to higher global prices for oil and gas, especially in the first half of 2022. However, countries that import these commodities faced economic challenges, with rising costs hampering their recovery.
The region's economic policy efficacy was also impeded by financial strain, high public debt, and inflation. Nonetheless, most sectors, particularly extractive industries and manufacturing, showed growth.
Economic recovery varied across the region, influenced by each country's unique economic structure and the government's fiscal policies. This information comes from a collaborative report by entities including the Arab League and the Organization of Arab Petroleum Exporting Countries (OAPEC).
Arab nations recorded a budget surplus of $119.6 billion in 2022, contrasting sharply with the previous year's $62.5 billion deficit. There was also a significant increase in average per capita GDP, up by 22.1% to $8,563 in 2022 from $6,993 in 2021, and GDP at constant prices rose by 6%.
These improvements are partly due to higher global prices for oil and gas, especially in the first half of 2022. However, countries that import these commodities faced economic challenges, with rising costs hampering their recovery.
The region's economic policy efficacy was also impeded by financial strain, high public debt, and inflation. Nonetheless, most sectors, particularly extractive industries and manufacturing, showed growth.
Economic recovery varied across the region, influenced by each country's unique economic structure and the government's fiscal policies. This information comes from a collaborative report by entities including the Arab League and the Organization of Arab Petroleum Exporting Countries (OAPEC).
