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% |
|
|
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 |
|
|
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 |
|
|
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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