Pre-budget statement for 2022
Saudi Arabia's revenues for the 2022 state budget are estimated at SAR 903 billion, with a forecast expenditure of SAR 955 billion and a deficit of SAR 52 billion, the Ministry of Finance said in its pre-budget statement today, Sept. 30.
Total revenues are projected at SAR 930 billion this year, while expenditure is expected to stand at SAR 1.015 trillion, with an estimated deficit of SAR 85 billion.
According to the pre-budget statement, the noticeable and anticipated uptick in the Kingdom’s economy is expected to positively impact the medium-term budget revenue. Moreover, the government’s continued efforts are likely to contribute to economic diversification through the implementation of the programs and initiatives directly linked to the Vision 2030 objectives. This in turn will maintain revenue growth, driven by local and global economic recovery forecasts in the medium term after the COVID-19 pandemic.
|
Actual Revenues and Expenditures of Saudi Arabia's Budget (2000-2022) |
|||
|
Year |
Revenues (SAR bln) |
Expenditures (SAR bln) |
Variation (SAR bln) |
|
2022 Estimates |
903 |
955 |
(52) |
|
2021 Forecasts |
930 |
1,015 |
(85) |
|
2020 |
770 |
1068 |
(298) |
|
2019 |
927 |
1059 |
(133) |
|
2018 |
906 |
1079 |
(174) |
|
2017 |
692 |
930 |
(238) |
|
2016 |
519 |
831 |
(311) |
|
2015 |
613 |
1001 |
(389) |
|
2014 |
1040 |
1141 |
(101) |
|
2013 |
1153 |
995 |
158 |
|
2012 |
1247 |
917 |
329 |
|
2011 |
1118 |
827 |
291 |
|
2010 |
741 |
654 |
87 |
|
2009 |
510 |
596 |
(87) |
|
2008 |
1101 |
520 |
581 |
|
2007 |
643 |
466 |
177 |
|
2006 |
674 |
393 |
280 |
|
2005 |
564 |
346 |
218 |
|
2004 |
392 |
285 |
107 |
|
2003 |
293 |
257 |
36 |
|
2002 |
213 |
234 |
(21) |
|
2001 |
228 |
255 |
(27) |
|
2000 |
258 |
235 |
23 |
The Ministry of Finance added that total revenue is forecast to grow to SAR 992 billion in 2024, while public expenditure is seen at SAR 951 billion. The Kingdom is expected to post a budget surplus of nearly SAR 27 billion as of 2023, and SAR 42 billion in 2024.
Meanwhile, the public debt is seen growing from SAR 937 billion in 2021 to SAR 989 billion next year and remain steady at this level until 2024.
|
Macroeconomic Projections for FY 2022 in Medium-Term |
||||||
|
Actual |
Budget |
Forecasts |
Estimates |
|||
|
Item |
2020 |
2021 |
2021 |
2022 |
2023 |
2024 |
|
Total Revenue |
782 |
849 |
930 |
903 |
968 |
992 |
|
Total Expenditure |
1076 |
990 |
1015 |
955 |
941 |
951 |
|
Budget Deficit |
(294) |
(141) |
(85) |
(52) |
+27 |
+42 |
|
As % of GDP |
(11.2%) |
(4.9%) |
(2.7%) |
(1.6%) |
+0.8% |
+1.2% |
|
Public Debt |
854 |
937 |
937 |
989 |
989 |
989 |
|
As % of GDP |
32.5% |
32.7% |
30.2% |
31.3% |
29.2% |
27.6% |
|
Total GDP Growth |
(4.1%) |
-- |
2.6% |
7.5% |
3.6% |
3.3% |
|
Nominal GDP |
2625 |
-- |
3102 |
3162 |
3383 |
3583 |
|
Inflation |
3.4% |
-- |
3.3% |
1.3% |
2.0% |
2.0% |
The Kingdom’s total revenue stood at SAR 452.87 billion, while total expenditure reached SAR 464.92 billion in the first half of 2021. Budget deficit reached SAR 12.06 billion in the same period.
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