AI Summary
Saudi Arabia reported revenue of SAR 314.82 billion and expenditure of SAR 320.09 billion in Q2 2023, with a deficit of around SAR 5.27 billion, the Ministry of Finance announced today, Aug. 3.
The first-half revenue reached SAR 595.77 billion, while expenditure reached SAR 603.95 billion. The actual deficit stood at SAR 8.18 billion.
|
Saudi Budget Actual Revenue & Expenditure for 2023 (SAR bln) |
|||
|
Period |
Revenue |
Expenditure |
Surplus/Deficit |
|
Q1 |
280.94 |
283.86 |
(2.91) |
|
Q2 |
314.82 |
320.09 |
(5.27) |
|
Q3 |
-- |
-- |
-- |
|
Q4 |
-- |
-- |
-- |
|
2023 (Forecasts) |
1130.00 |
1114.00 |
+16.00 |
Actual Revenue in H1 2023:
Actual revenue dropped around 8% to SAR 595.77 billion in the six-month period.
Oil revenue stood at SAR 358.35 billion, while non-oil revenue reached SAR 237.42 billion in the three-month period.
|
Actual Revenue (SAR bln) |
|||
|
Revenue |
H1 2022 |
H1 2023 |
Change |
|
Oil revenue |
434.06 |
358.35 |
(17%) |
|
Non-oil revenue |
214.26 |
237.42 |
+11% |
|
Taxes on income, profit, and capital gain |
14.35 |
23.87 |
+66% |
|
Taxes on goods and services |
124.64 |
129.22 |
+4% |
|
Taxes on international trade and transactions |
10.49 |
10.74 |
+2% |
|
Other taxes (including Zakat) |
23.02 |
26.74 |
+16% |
|
Other revenue |
41.76 |
46.85 |
+12% |
|
Total |
648.32 |
595.77 |
(8%) |
Actual Expenditure H1 2023:
Actual expenditure rose by 18% YoY to almost SAR 603.95 billion, as shown in the following table:
|
Actual Expenditure H1 2023 (SAR bln) |
|||
|
Expenditure |
H1 2022 |
H1 2023 |
Change |
|
Employee compensation |
251.09 |
265.95 |
+6% |
|
Use of goods & services |
97.15 |
116.16 |
+20% |
|
Financing expenses |
14.20 |
18.63 |
+31% |
|
Subsidies |
11.57 |
13.78 |
+19% |
|
Grants |
1.70 |
3.23 |
+90% |
|
Social benefits |
41.99 |
58.24 |
+39% |
|
Other expenses |
44.40 |
58.49 |
+32% |
|
Non-financial assets (CAPEX) |
50.83 |
69.46 |
+37% |
|
Total |
512.93 |
603.95 |
+18% |
Sectoral Expenditure:
The government allocated SAR 111.25 billion for the military sector in the first-half budget. It also earmarked SAR 128 billion and SAR 103 billion for the health and social development sector, as well as the education sector, respectively.
|
Spending in H1 2023 (Actual Amounts) – SAR bln |
|
|
Sector |
Allocation |
|
Public administration |
21.68 |
|
Military |
111.25 |
|
Security and administrative regions |
54.48 |
|
Municipal services |
26.65 |
|
Education |
102.82 |
|
Health services and social development |
127.95 |
|
Economic Resources |
37.34 |
|
Infrastructure and transportation |
18.55 |
|
General items |
103.23 |
|
Total |
603.95 |
Saudi Arabia’s public debt declined to SAR 989.16 billion in H1 2023 from SAR 990.08 billion at the end of 2022.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
2022 |
990.08 |
|
H1 2023 |
989.16 |
The table below details Saudi Arabia’s H1 2023 public debt:
|
Public Debt Until H1 2023 (SAR bln) |
||
|
Item |
Domestic Debt |
External Debt |
|
Beginning of period balance |
990.08 |
|
|
614.96 |
375.13 |
|
|
Issuances or borrowing |
22.60 |
60.00 |
|
Principal repayment |
(14.02) |
(69.51) |
|
Amortization of government bonds |
-- |
-- |
|
End of period balance |
623.54 |
365.62 |
|
989.16 |
||
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