Saudi Arabia posts SAR 205 bln revenue, SAR 212 bln expenditure in Q1 2021

Saudi Arabia’s Ministry of Finance announced the Q1 2021 budget. Total revenue stood at SAR 204.8 billion, while total expenditures reached SAR 212.2 billion in the first quarter of 2021.

Budget deficit declined by 78% to SAR 7.4 billion in Q1 2021 from SAR 34.1 billion in Q1 2020.

Actual Revenues & Expenditures for 2021 (SAR bln)
Period	Revenues	Expenditures	Surplus/deficit (SAR bln)
Q1	204.8	212.2	(7.4)
Q2	--	--	--
Q3	--	--	--
Q4	--	--	--
2021 (Estimates)	849.1	990.0	(140.9)

Actual revenue in Q1 2021:

Total actual revenue reached SAR 204.8 billion, a rise of 7% year-on-year (YoY).

Oil revenue hit SAR 116.6 billion, while non-oil revenue stood at SAR 88.2 billion.

Actual Revenues (SAR bln)
Revenues	Q1 2020	Q1 2021	Variation
Oil revenues	128.77	116.58	(9%)
Non-oil revenues	63.30	88.19	+39%
Taxes on income, profit, and capital gain (of which: foreign corporate income taxes)	3.57	3.22	(10%)
Taxes on goods and services (including Excise tax and VAT)	30.60	53.67	+75%
Taxes on international trade and transactions (custom duties)	4.02	4.02	(0.1%)
Other taxes (of which: Zakat)	2.06	3.00	+46%
Other revenues	23.05	24.28	+5%
Total	192.07	204.76	+7%

Actual expenditures in Q1 2021:

Total expenditures stood at SAR 212.2 billion, a decline of 6% YoY.

Actual Expenditures Q1 2021 (SAR bln)
Expenditures	Q1 2020	Q1 2021	Variation
Compensation of employees	124.53	122.90	(1%)
Use of goods and services	26.94	27.61	+2%
Financing expenses	4.65	5.76	+24%
Subsidies	3.48	5.42	+56%
Grants	0.16	2.76	--
Social benefits	12.98	12.28	(5%)
Other expenses	25.30	20.54	(19%)
Non-financial assets (CAPEX)	28.14	14.94	(47%)
Total	226.18	212.20	(6%)

The Kingdom’s public debt rose to SAR 901 billion in by the end of Q1 2021, compared to SAR 854 billion by the end of 2020.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2020	854
Q1 2021	901

Public Debt in 2021 (SAR bln)
Item	Domestic Debt	External Debt
Beginning of period balance	853.52
Beginning of period balance	502.66	350.86
Issuances or borrowing	13.79	36.77
Principal repayment	2.71	--
Amortization of government bonds	--	--
End of period balance	513.74	387.63
End of period balance	901.36

Deficit Financing until Q1 2021 (SAR bln)
Period	Q1 2021
Deficit/Surplus	(7.44)
Current account	--
Government reserves	--
Financing from domestic borrowing	6.13
Financing from external borrowing	23.42
Total financing	*29.55

*An amount remaining from debt issuances will be used to plug the budget deficit throughout the year

Spending:

The government allocated SAR 45 billion for education in Q1 2021 budget, military sector (SAR 43.5 billion) and health and social development (SAR 34.4 billion).

Spending in Q1 2021 (Actual Amounts) – SAR bln
Sector	Allocation
Public Administration	7.09
Education	44.97
Health Services and Social Development	34.41
Municipal Services	6.87
Military	43.53
Security and Administrative Regions	22.33
Infrastructure and Transportation	10.29
Economic Resources	11.49
General Items	31.23
Total	212.20

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