Saudi Arabia’s Ministry of Finance announced the Q1 2021 budget. Total revenue stood at SAR 204.8 billion, while total expenditures reached SAR 212.2 billion in the first quarter of 2021.
Budget deficit declined by 78% to SAR 7.4 billion in Q1 2021 from SAR 34.1 billion in Q1 2020.
|
Actual Revenues & Expenditures for 2021 (SAR bln) |
|||
|
Period |
Revenues |
Expenditures |
Surplus/deficit (SAR bln) |
|
Q1 |
204.8 |
212.2 |
(7.4) |
|
Q2 |
-- |
-- |
-- |
|
Q3 |
-- |
-- |
-- |
|
Q4 |
-- |
-- |
-- |
|
2021 (Estimates) |
849.1 |
990.0 |
(140.9) |
Actual revenue in Q1 2021:
Total actual revenue reached SAR 204.8 billion, a rise of 7% year-on-year (YoY).
Oil revenue hit SAR 116.6 billion, while non-oil revenue stood at SAR 88.2 billion.
|
Actual Revenues (SAR bln) |
|||
|
Revenues |
Q1 2020 |
Q1 2021 |
Variation |
|
Oil revenues |
128.77 |
116.58 |
(9%) |
|
Non-oil revenues |
63.30 |
88.19 |
+39% |
|
Taxes on income, profit, and capital gain (of which: foreign corporate income taxes) |
3.57 |
3.22 |
(10%) |
|
Taxes on goods and services (including Excise tax and VAT) |
30.60 |
53.67 |
+75% |
|
Taxes on international trade and transactions (custom duties) |
4.02 |
4.02 |
(0.1%) |
|
Other taxes (of which: Zakat) |
2.06 |
3.00 |
+46% |
|
Other revenues |
23.05 |
24.28 |
+5% |
|
Total |
192.07 |
204.76 |
+7% |
Actual expenditures in Q1 2021:
Total expenditures stood at SAR 212.2 billion, a decline of 6% YoY.
|
Actual Expenditures Q1 2021 (SAR bln) |
|||
|
Expenditures |
Q1 2020 |
Q1 2021 |
Variation |
|
Compensation of employees |
124.53 |
122.90 |
(1%) |
|
Use of goods and services |
26.94 |
27.61 |
+2% |
|
Financing expenses |
4.65 |
5.76 |
+24% |
|
Subsidies |
3.48 |
5.42 |
+56% |
|
Grants |
0.16 |
2.76 |
-- |
|
Social benefits |
12.98 |
12.28 |
(5%) |
|
Other expenses |
25.30 |
20.54 |
(19%) |
|
Non-financial assets (CAPEX) |
28.14 |
14.94 |
(47%) |
|
Total |
226.18 |
212.20 |
(6%) |
The Kingdom’s public debt rose to SAR 901 billion in by the end of Q1 2021, compared to SAR 854 billion by the end of 2020.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
2020 |
854 |
|
Q1 2021 |
901 |
|
Public Debt in 2021 (SAR bln) |
|||
|
Item |
Domestic Debt |
External Debt |
|
|
Beginning of period balance |
853.52 |
||
|
502.66 |
|
350.86 |
|
|
Issuances or borrowing |
13.79 |
|
36.77 |
|
Principal repayment |
2.71 |
|
-- |
|
Amortization of government bonds |
-- |
|
-- |
|
End of period balance |
513.74 |
|
387.63 |
|
901.36 |
|||
|
Deficit Financing until Q1 2021 (SAR bln) |
|
|
Period |
Q1 2021 |
|
Deficit/Surplus |
(7.44) |
|
Current account |
-- |
|
Government reserves |
-- |
|
Financing from domestic borrowing |
6.13 |
|
Financing from external borrowing |
23.42 |
|
Total financing |
*29.55 |
*An amount remaining from debt issuances will be used to plug the budget deficit throughout the year
Spending:
The government allocated SAR 45 billion for education in Q1 2021 budget, military sector (SAR 43.5 billion) and health and social development (SAR 34.4 billion).
|
Spending in Q1 2021 (Actual Amounts) – SAR bln |
|
|
Sector |
Allocation |
|
Public Administration |
7.09 |
|
Education |
44.97 |
|
Health Services and Social Development |
34.41 |
|
Municipal Services |
6.87 |
|
Military |
43.53 |
|
Security and Administrative Regions |
22.33 |
|
Infrastructure and Transportation |
10.29 |
|
Economic Resources |
11.49 |
|
General Items |
31.23 |
|
Total |
212.20 |
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