Saudi Arabia posts SAR 452.9 bln revenue, SAR 464.9 bln expenditure in H1 2021

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Saudi Arabia’s Ministry of Finance announced the Q2 2021 budget. Total revenue stood at SAR 248.1 billion, while total expenditure reached SAR 252.7 billion in the second quarter of 2021. Budget deficit stood at SAR 4.6 billion in Q2 2021.

Meanwhile, H1 2021 revenue amounted to SAR 452.87 billion, while total expenditure reached SAR 464.92 billion. Budget deficit stood at SAR 12.06 billion during the first half of 2021.

Actual Revenue & Expenditure for 2021 (SAR bln)
Period	Revenue	Expenditure	Surplus/deficit (SAR bln)
Q1	204.8	212.2	(7.4)
Q2	248.1	252.7	(4.6)
Q3	--	--	--
Q4	--	--	--
2021 (Estimates)	849.1	990.0	(140.9)

Actual Revenue in H1 2021:

Total actual revenue hit SAR 452.87 billion in the first half of the year, a rise of 39% year-on-year (YoY).

Oil and non-oil revenue stood at SAR 248.73 billion and SAR 204.41 billion in the same period, respectively.

Actual Revenue (SAR bln)
Revenue	H1 2020	H1 2021	Variation
Oil revenue	224.49	248.73	+11%
Non-oil revenue	101.53	204.14	+101%
Taxes on income, profit, and capital gain (including foreign corporate income taxes)	5.21	10.40	+100%
Taxes on goods and services (including Excise tax and VAT)	41.16	121.66	+196%
Taxes on international trade and transactions (custom duties)	7.81	8.34	+7%
Other taxes (including Zakat)	5.42	22.60	+317%
Other revenues	41.91	41.14	(2%)
Total	326.01	452.87	+39%

Actual Expenditure in H1 2021:

Total actual expenditure edged down 1% YoY to SAR 465 billion in the first half of the year.

The Kingdom’s public debt reached SAR 922 billion in Q2 2022.

Actual Expenditure H1 2021 (SAR bln)
Expenditures	H1 2020	H1 2021	Variation
Compensation of employees	249.27	245.72	(1%)
Use of goods and services	61.94	73.14	+18%
Financing expenses	11.42	13.19	+15%
Subsidies	13.34	9.65	(28%)
Grants	2.37	3.22	+36%
Social benefits	27.64	41.77	+51%
Other expenses	45.98	41.38	(10%)
Non-financial assets (CAPEX)	57.40	36.84	(36%)
Total	469.36	464.92	(1%)

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
End of 2020	853.5
H1 2021	922.8

Public Debt in H1 2021 (SAR bln)
Item	Domestic Debt	External Debt
Beginning of period balance	853.51
Beginning of period balance	502.66	350.86
Issuances or borrowing	37.30	36.77
Principal repayment	4.68	50
Amortization of government bonds	0	0
End of period balance	535.27	387.57
End of period balance	922.85

Deficit financing until H1 2021 (SAR bln)
Period	Q1 2021	Q2 2021	Total
Deficit/Surplus	(7.44)	(4.61)	(12.06)
Financing
Current account	0	0	0
Government reserves	0	0	0
Financing from domestic borrowing	6.13	17.67	23.80
Financing from external borrowing	23.42	3.88	27.30
Total financing	29.55	21.54	51.09*

*An amount from total financing not used in plugging H1 2021 deficit and will be used to finance the budget deficit throughout the year

For more data, visit Argaam Tools

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