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

04/05/2021 Argaam Special


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

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

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

 

 

For More Reports

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.