Saudi Arabia recorded a surplus of SAR 27.8 billion ($7.41 billion) in the first quarter of 2019, boosted by both oil and non-oil revenues.
The Kingdom's total budget revenue increased 48 percent to SAR 245.4 billion in the first quarter of 2019, versus SAR 166.3 billion during the same period last year.
Non-oil revenue rose 46 percent year-on-year (YoY) to SAR 76.3 billion in Q1, while oil revenues increased by 48 percent, reaching SAR 169.08 billion during the three-month period, according to the quarterly report of the general budget performance for the current fiscal year, released by Minister of Finance Mohammed Al-Jadaan on Wednesday.
Total expenditure rose 8 percent YoY to SAR 217.57 billion in the first quarter.
The fiscal data reflects improvement in the public finance performance as a result of King Salman's efforts.
“The report included several indicators that reflect the government’s commitment to transparency and disclosure, in line of the Fiscal Balance Program objectives,” Saudi minister of finance, Mohammed Al-Jadaan said.
Al-Jadaan said that fiscal targets for 2019 are still on track.
“Expenditure outlays on development projects are expected to increase during the remainder of the year especially on Vision Realization Programs and private sector development programs, alongside increasing expenditure on social protection. The latter includes spending on education, health, social development, Citizen Account, social security benefits and cost of living adjustments.”
|
Actual Revenue & Expenditure for 2019 (SAR bln) |
|||
|
Period |
Revenue |
Expenditure |
Surplus/deficit |
|
Q1 |
245.4 |
217.6 |
27.8 |
|
Q2 |
-- |
-- |
-- |
|
Q3 |
-- |
-- |
-- |
|
Q4 |
-- |
-- |
-- |
|
2019 (Estimates) |
975 |
1,106 |
(131) |
|
Actual Revenue (SAR bln) |
|||
|
Revenue |
Q1 2018 |
Q1 2019 |
Variation |
|
Oil Revenue |
113.95 |
169.09 |
+48% |
|
Non-oil Revenue |
52.32 |
76.32 |
+46% |
|
Taxes on income, profit and capital gain (including companies and foreign enterprises income taxes) |
2.47 |
2.74 |
+11% |
|
Taxes on goods and services (including oil products taxes and selective taxes) |
22.65 |
41.13 |
+82% |
|
Commercial transaction tax (custom duties) |
3.79 |
3.49 |
(8%) |
|
Other taxes (including Zakat) |
3.16 |
7.07 |
+124% |
|
Other revenue |
20.25 |
21.88 |
+8% |
|
Total |
166.26 |
245.41 |
+48% |
|
Actual Expenditure (SAR bln) |
|||
|
Expenditure |
Q1 2018 |
Q1 2019 |
Variation |
|
Employee Compensation |
112.92 |
121.81 |
+8% |
|
Goods and services |
10.24 |
15.44 |
+51% |
|
Financing charges |
4.15 |
4.35 |
+5% |
|
Subsidies |
2.99 |
10.31 |
+244% |
|
Grants |
0.03 |
0.03 |
-- |
|
Social benefits |
18.78 |
17.22 |
(8%) |
|
Other expenditures |
25.52 |
19.24 |
(25%) |
|
Non-financial assets (Capital) |
25.96 |
29.17 |
+12% |
|
Total |
200.59 |
217.57 |
+8% |
|
Public Debt (SAR bln) |
||||||||
|
Year |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
Q1 2019 |
|
Value |
83.8 |
60.1 |
44.3 |
142 |
316.5 |
438 |
560 |
610.6 |
|
Public Debt in Q1 2019 (SAR bln) |
|||
|
Item |
Internal debt |
External debt |
|
|
Beginning balance |
559.98 |
||
|
304.98 |
255.00 |
||
|
Issuances/borrowing |
22.55 |
28.13 |
|
|
Repayment of original debt |
0.003 |
-- |
|
|
Offsetting government bonds |
-- |
-- |
|
|
Ending balance |
327.52 |
283.13 |
|
|
549.52 |
|||
|
Deficit Financing During Q1 2019 (SAR bln) |
|
|
Item |
Q1 2019 |
|
Surplus |
27.84 |
|
Financing |
|
|
From current account |
-- |
|
From general reserve |
-- |
|
Domestic financing |
16.47 |
|
External financing |
9.00 |
|
Total Financing* |
25.47 |
*Total financing was used to finance the first 2 months of current year’s deficit.
Jadaan expected continued growth in non-oil revenues to help reach the budget deficit and debt targets.
The minister affirmed that the stability and improvement of fiscal performance is a fundamental pillar of comprehensive and sustainable economic growth in the short and medium terms, and as such, it contributes to achieving the economic and social objectives of the Kingdom’s Vision 2030.
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