Saudi Q1 revenue hits SAR 280.9 bln; expenditure at SAR 283.8 bln

07/05/2023 Argaam Special


Saudi Arabia reported revenue of SAR 280.94 billion and expenditure of SAR 283.86 billion in Q1 2023, with a deficit of SAR 2.91 billion, the Ministry of Finance announced today, May 7.

 

Saudi Budget 2023 (SAR bln)

Period

Revenue

Expenditure

Surplus/Deficit

Q1

280.94

283.86

(2.91)

Q2

--

--

--

Q3

--

--

--

Q4

--

--

--

2023 (Forecasts)

1130.00

1114.00

+16.00

 

Actual Revenue in Q1 2023:

 

Actual revenue rose nearly 1% to SAR 280.94 billion in the first quarter of the year.

 

Oil revenue stood at SAR 178.61 billion, while non-oil revenue reached SAR 102.34 billion in the three-month period.

 

Actual Revenue (SAR bln)

Revenue

Q1 2022

Q1 2023

Change

Oil revenue

183.70

178.61

(3%)

Non-oil revenue

94.26

102.34

9%

Taxes on income, profit, and capital gain

4.11

7.19

75%

Taxes on goods and services

60.42

63.09

4%

Taxes on international trade and transactions

5.06

5.50

9%

Other taxes (including Zakat)

3.18

4.12

30%

Other revenue

21.49

22.44

4%

Total

277.96

280.94

1%

 

 

Actual Expenditure Q1 2023:

 

Actual expenditure jumped 29% YoY to almost SAR 283.9 billion, as shown in the following table:

 

Actual Expenditure Q1 2023 (SAR bln)

Expenditure

Q1 2022

Q1 2023

Change

Employee compensation 

125.17

134.07

7%

Use of goods & services

31.81

54.10

70%

Financing expenses

6.61

9.93

50%

Subsidies

4.88

6.06

24%

Grants

0.34

0.51

50%

Social benefits

12.67

19.21

52%

Other expenses

24.16

34.01

41%

Non-financial assets (CAPEX)

14.84

25.98

75%

Total

220.47

283.86

29%

 

 

Sectoral Expenditure:

 

The government allocated SAR 52.1 billion for the education sector in the first-quarter budget. It also earmarked SAR 58.9 billion and SAR 49.6 billion for the military sector, as well as health and social development, respectively.

 

Actual Sectoral Expenditure Q1 2023 (SAR bln)

Sector

Allocation

Public Administration

11.88

Military

58.85

Security and Regional Administration

27.12

Municipal Services

10.43

Education

52.15

Health and Social Development

49.60

Economic Resources

17.29

Infrastructure and Transportation

9.71

General Items

46.81

Total

283.86

 

Public Debt:

 

The Kingdom’s public debt decreased to nearly SAR 962.25 billion in Q1 2023, from SAR 990.08 billion as of Dec. 31, 2022.

 

The table below details Saudi Arabia’s Q1 2023 public debt:

 

Public Debt (SAR bln)

Period

Public Debt

(SAR bln)

2022

990.08

Q1 2023

962.25

 

Public Debt Until Q1 2023 (SAR bln)

Item

Domestic

Debt

External

Debt

Beginning of period balance

990.08

614.96

375.13

Issuances or borrowing

12.41

37.50

Principal repayment

8.86

68.88

Amortization of government bonds

--

--

End of period balance

618.50

343.75

962.25

 

Details and Historical Data of General Budget

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