Saudi revenues hit SAR 1.21T, expenditure at SAR 1.29T in 2023

Saudi revenues hit SAR 1.21T revenue, expenditure at SAR 1.29T in 2023

Saudi Arabia posted actual revenues of SAR 1.21 trillion and expenditure of SAR 1.29 trillion in 2023, recording a budget deficit of SAR 80.95 billion, the Ministry of Finance announced today, Feb. 14.

The ministry earlier forecast expenditure and revenues to reach SAR 1.27 trillion and SAR 1.19 trillion, with a deficit of SAR 82 billion.

Saudi Budget Actual Revenue & Expenditure (SAR bln)
Year	Revenue	Expenditure	Surplus/Deficit
2023 (Actual)	1212	1293	(81)
2022	1268	1164	+104
2021	965	1039	(73)
2020	782	1076	(294)
2019	927	1059	(133)
2018	906	1079	(174)
2017	692	930	(238)
2016	519	831	(311)
2015	613	1001	(389)
2014	1040	1141	(100)
2013	1153	995	158
2012	1247	917	329
2011	1118	827	291
2010	741	654	87
2009	510	596	(87)
2008	1101	520	581
2007	643	466	177
2006	674	393	280
2005	564	346	218
2004	392	285	107
2003	293	257	36
2002	213	234	(21)
2001	228	255	(27)
2000	258	235	23

In Q4 2023, actual revenues reached SAR 358 billion, while expenditure stood at SAR 395 billion. The Kingdom posted a deficit of SAR 37 billion in the three-month period.

Saudi Budget Actual Revenues & 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	258.54	294.31	(35.77)
Q4	357.98	394.98	(37.00)
2023 (Actual)	1212.29	1293.24	(80.95)
2023 (Estimates)	1130.00	1114.00	+16.00

Actual Revenues in 2023:

Actual revenues fell 4% year-on-year (YoY) to nearly SAR 1.21 trillion last year.

Oil revenues reached approximately SAR 754.6 billion, while non-oil revenues came in at SAR 457.7 billion in 2023.

Actual Revenues (SAR bln)
Revenues	2022	2023	Change
Oil revenues	857.3	754.6	(12%)
Non-oil revenues	410.9	457.7	+11%
Taxes on income, profit, and capital gain	24.5	38.6	+58%
Taxes on goods and services	251.5	262.5	+4%
Taxes on international trade and transactions	18.7	22.15	+18%
Other taxes	28.4	33.4	+17%
Other revenues	87.8	101.09	+15%
Total	1268.2	1212.3	(4%)

Actual Expenditure in 2023:

Actual expenditure rose by 11% YoY to almost SAR 1.29 trillion last year, as shown in the following table:

Actual Expenditure 2023 (SAR bln)
Expenditure	2022	2023	Change
Employee compensation	513.22	537.32	+5%
Use of goods & services	258.11	303.39	+18%
Financing expenses	30.31	37.79	+25%
Subsidies	29.65	20.91	(29%)
Grants	2.96	6.79	+129%
Social benefits	79.42	97.01	+22%
Other expenses	107.17	103.54	(3%)
Non-financial assets (CAPEX)	143.46	186.50	+30%
Total	1164.31	1293.24	+11%

Public Debt:

The Kingdom’s public debt increased by 6.1% to nearly SAR 1.05 trillion in 2023, from SAR 990.08 billion by the end of 2022.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
End of 2022	990.08
End of 2023	1050.28

The Kingdom's public date by the end of Q4 2023:

Public Date by end of Q4 2023 (SAR bln)
Period	Domestic Debt	External Debt
Beginning of period balance	990.08
Beginning of period balance	614.96	375.13
Issuances or borrowing	87.98	101.25
Principal repayment	58.53	70.13
Amortization of government bonds	--	--
End of period balance	644.41	405.88
End of period balance	1050.28

The 2023 actual state budget report

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