Saudi Arabia posts SAR 192 bln revenues, SAR 226 bln expenditure in Q1 2020

Saudi Arabia’s total revenue stood at SAR 192 billion, a decline of 22% year-on-year (YoY). Total expenditures rose 4% YoY to SAR 226 billion during the same quarter.

The Kingdom posted a budget deficit of SAR 34 billion in the first quarter of 2020.

Saudi Arabia’s budget for 2020 estimated revenues at SAR 833 billion and public expenditure at SAR 1.020 trillion, with an expected deficit of SAR 187 billion, Argaam earlier reported.

Actual Revenues & Expenditures for 2020 (SAR bln)
Period	Revenue	Expenditure	Surplus/deficit (SAR bln)
Q1	192	226	(34)
Q2	--	--	--
Q3	--	--	--
Q4	--	--	--
2020 (Estimates)	833	1,020	(187)

Oil revenue dropped 24% YoY to SAR 128 billion in Q1. Non-oil revenues also fell by 17% YoY to SAR 63.3 billion during the three-month period, according to the quarterly report of the general budget performance for the current fiscal year, released by Ministry of Finance.

Actual Revenues (SAR bln)

Revenue

Q1 2019

Q1 2020

Variation

Oil revenues

169.09

128.77

(24%)

Non-oil revenues

76.32

63.30

(17%)

Taxes on income, profit and capital gain (of which: foreign corporate income taxes)

2.74

3.57

+30%

Taxes on goods and services (including Excise VAT and VAT)

41.13

30.60

(26%)

Taxes on international trade and transactions (custom duties)

3.49

4.02

+15%

Other taxes (of which: Zakat)

7.07

2.06

(71%)

Other revenues

21.88

23.05

+5%

Total

245.41

192.07

(22%)

The Kingdom’s expenditure rose 4% YoY to SAR 226 billion during the same quarter. Total expenditure on subsidies in Q1 2020 reached SAR 3.48 bln, falling 66% from SAR 10.31 bln a year earlier.

Actual Expenditures (SAR bln)
Expenditure	Q1 2019	Q1 2020	Variation
Compensation of employees	121.81	124.53	+2%
Use of goods and services	15.44	26.94	+74%
Financing expenses	4.35	4.65	+7%
Subsidies	10.31	3.48	(66%)
Grants	0.03	0.16	+432%
Social benefits	17.22	12.98	(25%)
Other expenses	19.24	25.30	+32%
Non-financial assets (CAPEX)	29.17	28.14	(4%)
Total	217.57	226.18	+4%

The Kingdom’s public debt rose to SAR 723 billion in Q1 2020 from SAR 678 billion by the end of 2019.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2019	678
Q1 2020	723

Public Debt in Q1 2020 (SAR bln)
Item	Domestic debt		External debt
Beginning of period balance		677.93
Beginning of period balance	372.76		305.16
Issuances or borrowing	26.78		18.75
Principal repayment	0		0
Amortization of government bonds	0		0
End of period balance	399.55		323.91
End of period balance		723.46

Deficit Financing in Q1 2020 (SAR bln)
Item	Q1 2020
Surplus	(34.11)
Financing Sources
Current account	9.00
Government reserves	0
Financing from domestic borrowing	11.19
Financing from external borrowing	18.49
Total Financing*	38.69*

*A remaining amount of total financing wasn’t used to finance the first quarter deficit. It will be used to plug the deficit until the end of 2020.

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