Budget performance report for Q3 2021
Saudi Arabia’s Ministry of Finance announced the Q3 2021 budget performance report. Total revenue stood at SAR 696.24 billion, while total expenditure reached SAR 701.6 billion, reflecting a budget deficit of SAR 5.4 billion in the first nine months of the year.
For Q3 2021, revenue reached SAR 243.4 billion, while total expenditure stood at SAR 236.7 billion with a budget surplus of SAR 6.7 billion.
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Actual Revenue & Expenditure for 2021 (SAR bln) |
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|
Period |
Revenue |
Expenditure |
Surplus/Deficit (SAR bln) |
|
Q1 |
204.8 |
212.2 |
(7.4) |
|
Q2 |
248.1 |
252.7 |
(4.6) |
|
Q3 |
243.4 |
236.7 |
+6.7 |
|
Q4 |
-- |
-- |
-- |
|
2021 (Estimates) |
849.1 |
990.0 |
(140.9) |
Actual Revenue in 9M 2021:
Total actual revenue hit SAR 696.24 billion as of Sept. 30, 2021, a rise of 28.5% year-on-year (YoY).
Oil and non-oil revenue stood at SAR 396.7 billion and SAR 299.5 billion in the same period, respectively.
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Actual Revenue (SAR bln) |
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|
Revenue |
9M 2020 |
9M 2021 |
Variation |
|
Oil revenue |
317.1 |
396.7 |
+25% |
|
Non-oil revenue |
224.5 |
299.5 |
+33% |
|
Taxes on income, profit, and capital gain (including foreign corporate income taxes) |
12.4 |
13.9 |
+12% |
|
Taxes on goods and services (including Excise tax and VAT) |
92.7 |
187.8 |
+103% |
|
Taxes on international trade and transactions (custom duties) |
12.4 |
13.1 |
+6% |
|
Other taxes (including Zakat) |
17.4 |
25.4 |
+46% |
|
Other revenues |
89.5 |
59.5 |
(34%) |
|
Total |
541.6 |
696.2 |
+29% |
Actual Expenditure in 9M 2021:
Total actual expenditure saw a decrease of 3% YoY to SAR 701.6 billion in the first nine months of the year.
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Actual Expenditure 9M 2021 (SAR bln) |
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|
Expenditure |
9M 2020 |
9M 2021 |
Variation |
|
Compensation of employees |
369.53 |
369.2 |
(0.1%) |
|
Use of goods and services |
107.89 |
114.3 |
+6% |
|
Financing expenses |
16.85 |
19.7 |
+17% |
|
Subsidies |
21.53 |
14.0 |
(35%) |
|
Grants |
2.85 |
3.4 |
+19% |
|
Social benefits |
48.80 |
54.2 |
+11% |
|
Other expenses |
68.41 |
62.9 |
(8%) |
|
Non-financial assets (CAPEX) |
89.84 |
64.0 |
(29%) |
|
Total |
725.70 |
701.6 |
(3%) |
Public Debt Increase:
The Kingdom’s public debt increased 11% to SAR 948.3 billion in Q3 2021, from SAR 853.5 billion in the prior-year period.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
End of 2020 |
853.5 |
|
9M 2021 |
948.3 |
Public Debt Breakdown by September-end:
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Public Debt in 9M 2021 (SAR bln) |
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|
Item |
Domestic Debt |
External Debt |
|
|
Beginning of period balance |
853.51 |
||
|
502.66 |
350.86 |
502.66 |
|
|
Issuances or borrowing |
65.74 |
36.96 |
65.74 |
|
Principal repayment |
7.84 |
0.05 |
7.84 |
|
Amortization of government bonds |
0 |
0 |
0 |
|
End of period balance |
560.56 |
387.77 |
560.56 |
|
948.32 |
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Deficit Financing in the First Nine Months of 2021:
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Deficit financing in 9M 2021 (SAR bln) |
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|
Period |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Total |
|
Deficit/Surplus |
(7.44) |
(4.61) |
+6.68 |
(5.37) |
|
Financing |
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|
Current account |
0 |
0 |
0 |
0 |
|
Government reserves |
0 |
0 |
0 |
0 |
|
Financing from domestic borrowing |
6.13 |
17.67 |
0 |
23.80 |
|
Financing from external borrowing |
23.42 |
3.88 |
0 |
27.30 |
|
Total financing |
29.55 |
21.54 |
0 |
51.10* |
*An amount from total financing not used in plugging Q3 2021 deficit and will be used to finance the budget deficit throughout the year
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