Saudi Arabia reported revenue of SAR 280.94 billion and expenditure of SAR 283.86 billion in Q1 2023, with a deficit of SAR 2.91 billion, the Ministry of Finance announced today, May 7.
|
Saudi Budget 2023 (SAR bln) |
|||
|
Period |
Revenue |
Expenditure |
Surplus/Deficit |
|
Q1 |
280.94 |
283.86 |
(2.91) |
|
Q2 |
-- |
-- |
-- |
|
Q3 |
-- |
-- |
-- |
|
Q4 |
-- |
-- |
-- |
|
2023 (Forecasts) |
1130.00 |
1114.00 |
+16.00 |
Actual Revenue in Q1 2023:
Actual revenue rose nearly 1% to SAR 280.94 billion in the first quarter of the year.
Oil revenue stood at SAR 178.61 billion, while non-oil revenue reached SAR 102.34 billion in the three-month period.
|
Actual Revenue (SAR bln) |
|||
|
Revenue |
Q1 2022 |
Q1 2023 |
Change |
|
Oil revenue |
183.70 |
178.61 |
(3%) |
|
Non-oil revenue |
94.26 |
102.34 |
9% |
|
Taxes on income, profit, and capital gain |
4.11 |
7.19 |
75% |
|
Taxes on goods and services |
60.42 |
63.09 |
4% |
|
Taxes on international trade and transactions |
5.06 |
5.50 |
9% |
|
Other taxes (including Zakat) |
3.18 |
4.12 |
30% |
|
Other revenue |
21.49 |
22.44 |
4% |
|
Total |
277.96 |
280.94 |
1% |
Actual Expenditure Q1 2023:
Actual expenditure jumped 29% YoY to almost SAR 283.9 billion, as shown in the following table:
|
Actual Expenditure Q1 2023 (SAR bln) |
|||
|
Expenditure |
Q1 2022 |
Q1 2023 |
Change |
|
Employee compensation |
125.17 |
134.07 |
7% |
|
Use of goods & services |
31.81 |
54.10 |
70% |
|
Financing expenses |
6.61 |
9.93 |
50% |
|
Subsidies |
4.88 |
6.06 |
24% |
|
Grants |
0.34 |
0.51 |
50% |
|
Social benefits |
12.67 |
19.21 |
52% |
|
Other expenses |
24.16 |
34.01 |
41% |
|
Non-financial assets (CAPEX) |
14.84 |
25.98 |
75% |
|
Total |
220.47 |
283.86 |
29% |
Sectoral Expenditure:
The government allocated SAR 52.1 billion for the education sector in the first-quarter budget. It also earmarked SAR 58.9 billion and SAR 49.6 billion for the military sector, as well as health and social development, respectively.
|
Actual Sectoral Expenditure Q1 2023 (SAR bln) |
|
|
Sector |
Allocation |
|
Public Administration |
11.88 |
|
Military |
58.85 |
|
Security and Regional Administration |
27.12 |
|
Municipal Services |
10.43 |
|
Education |
52.15 |
|
Health and Social Development |
49.60 |
|
Economic Resources |
17.29 |
|
Infrastructure and Transportation |
9.71 |
|
General Items |
46.81 |
|
Total |
283.86 |
Public Debt:
The Kingdom’s public debt decreased to nearly SAR 962.25 billion in Q1 2023, from SAR 990.08 billion as of Dec. 31, 2022.
The table below details Saudi Arabia’s Q1 2023 public debt:
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
2022 |
990.08 |
|
Q1 2023 |
962.25 |
|
Public Debt Until Q1 2023 (SAR bln) |
||
|
Item |
Domestic Debt |
External Debt |
|
Beginning of period balance |
990.08 |
|
|
614.96 |
375.13 |
|
|
Issuances or borrowing |
12.41 |
37.50 |
|
Principal repayment |
8.86 |
68.88 |
|
Amortization of government bonds |
-- |
-- |
|
End of period balance |
618.50 |
343.75 |
|
962.25 |
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