Saudi Arabia posts SAR 696 bln revenue, SAR 702 bln expenditure in 9M 2021

Budget performance report for Q3 2021

Saudi Arabia’s Ministry of Finance announced the Q3 2021 budget performance report. Total revenue stood at SAR 696.24 billion, while total expenditure reached SAR 701.6 billion, reflecting a budget deficit of SAR 5.4 billion in the first nine months of the year.

For Q3 2021, revenue reached SAR 243.4 billion, while total expenditure stood at SAR 236.7 billion with a budget surplus of SAR 6.7 billion.

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	243.4	236.7	+6.7
Q4	--	--	--
2021 (Estimates)	849.1	990.0	(140.9)

Actual Revenue in 9M 2021:

Total actual revenue hit SAR 696.24 billion as of Sept. 30, 2021, a rise of 28.5% year-on-year (YoY).

Oil and non-oil revenue stood at SAR 396.7 billion and SAR 299.5 billion in the same period, respectively.

Actual Revenue (SAR bln)
Revenue	9M 2020	9M 2021	Variation
Oil revenue	317.1	396.7	+25%
Non-oil revenue	224.5	299.5	+33%
Taxes on income, profit, and capital gain (including foreign corporate income taxes)	12.4	13.9	+12%
Taxes on goods and services (including Excise tax and VAT)	92.7	187.8	+103%
Taxes on international trade and transactions (custom duties)	12.4	13.1	+6%
Other taxes (including Zakat)	17.4	25.4	+46%
Other revenues	89.5	59.5	(34%)
Total	541.6	696.2	+29%

Actual Expenditure in 9M 2021:

Total actual expenditure saw a decrease of 3% YoY to SAR 701.6 billion in the first nine months of the year.

Actual Expenditure 9M 2021 (SAR bln)
Expenditure	9M 2020	9M 2021	Variation
Compensation of employees	369.53	369.2	(0.1%)
Use of goods and services	107.89	114.3	+6%
Financing expenses	16.85	19.7	+17%
Subsidies	21.53	14.0	(35%)
Grants	2.85	3.4	+19%
Social benefits	48.80	54.2	+11%
Other expenses	68.41	62.9	(8%)
Non-financial assets (CAPEX)	89.84	64.0	(29%)
Total	725.70	701.6	(3%)

Public Debt Increase:

The Kingdom’s public debt increased 11% to SAR 948.3 billion in Q3 2021, from SAR 853.5 billion in the prior-year period.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
End of 2020	853.5
9M 2021	948.3

Public Debt Breakdown by September-end:

Public Debt in 9M 2021 (SAR bln)
Item	Domestic Debt		External Debt
Beginning of period balance	853.51
Beginning of period balance	502.66	350.86	502.66
Issuances or borrowing	65.74	36.96	65.74
Principal repayment	7.84	0.05	7.84
Amortization of government bonds	0	0	0
End of period balance	560.56	387.77	560.56
End of period balance	948.32

Deficit Financing in the First Nine Months of 2021:

Deficit financing in 9M 2021 (SAR bln)
Period	Q1 2021	Q2 2021	Q3 2021	Total
Deficit/Surplus	(7.44)	(4.61)	+6.68	(5.37)
Financing
Current account	0	0	0	0
Government reserves	0	0	0	0
Financing from domestic borrowing	6.13	17.67	0	23.80
Financing from external borrowing	23.42	3.88	0	27.30
Total financing	29.55	21.54	0	51.10*

*An amount from total financing not used in plugging Q3 2021 deficit and will be used to finance the budget deficit throughout the year

Saudi Budget

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