Saudi H1 revenue hits SAR 595.8 bln with SAR 603.9 bln expenditure

03/08/2023 Argaam Special


Saudi Arabia reported revenue of SAR 314.82 billion and expenditure of SAR 320.09 billion in Q2 2023, with a deficit of around SAR 5.27 billion, the Ministry of Finance announced today, Aug. 3.

 

The first-half revenue reached SAR 595.77 billion, while expenditure reached SAR 603.95 billion. The actual deficit stood at SAR 8.18 billion.

 

Saudi Budget Actual Revenue & 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 

-- 

-- 

-- 

Q4 

-- 

-- 

-- 

2023 (Forecasts) 

1130.00 

1114.00 

+16.00 

 

Actual Revenue in H1 2023:

 

Actual revenue dropped around 8% to SAR 595.77 billion in the six-month period.

 

Oil revenue stood at SAR 358.35 billion, while non-oil revenue reached SAR 237.42 billion in the three-month period.

 

Actual Revenue (SAR bln) 

Revenue 

H1 2022 

H1 2023 

Change 

Oil revenue 

434.06 

358.35 

(17%) 

Non-oil revenue 

214.26 

237.42 

+11% 

Taxes on income, profit, and capital gain 

14.35 

23.87 

+66% 

Taxes on goods and services 

124.64 

129.22 

+4% 

Taxes on international trade and transactions 

10.49 

10.74 

+2% 

Other taxes (including Zakat) 

23.02 

26.74 

+16% 

Other revenue 

41.76 

46.85 

+12% 

Total 

648.32 

595.77 

(8%) 

 

 

Actual Expenditure H1 2023:

 

Actual expenditure rose by 18% YoY to almost SAR 603.95 billion, as shown in the following table:

 

Actual Expenditure H1 2023 (SAR bln)  

Expenditure 

H1 2022  

H1 2023  

Change  

Employee compensation   

251.09 

265.95 

+6% 

Use of goods & services  

97.15 

116.16 

+20% 

Financing expenses  

14.20 

18.63 

+31% 

Subsidies  

11.57 

13.78 

+19% 

Grants  

1.70 

3.23 

+90% 

Social benefits  

41.99 

58.24 

+39% 

Other expenses  

44.40 

58.49 

+32% 

Non-financial assets (CAPEX)  

50.83 

69.46 

+37% 

Total  

512.93 

603.95 

+18% 

 

 

Sectoral Expenditure:

 

The government allocated SAR 111.25 billion for the military sector in the first-half budget. It also earmarked SAR 128 billion and SAR 103 billion for the health and social development sector, as well as the education sector, respectively.

 

Spending in H1 2023 (Actual Amounts) – SAR bln 

Sector 

Allocation 

Public administration 

21.68 

Military 

111.25 

Security and administrative regions 

54.48 

Municipal services 

26.65 

Education 

102.82 

Health services and social development 

127.95 

Economic Resources 

37.34 

Infrastructure and transportation 

18.55 

General items 

103.23 

Total 

603.95

 

 

Saudi Arabia’s public debt declined to SAR 989.16 billion in H1 2023 from SAR 990.08 billion at the end of 2022.

 

Public Debt (SAR bln) 

Period 

Public Debt 

(SAR bln) 

2022 

990.08 

H1 2023 

989.16 

 

The table below details Saudi Arabia’s H1 2023 public debt:

 

Public Debt Until H1 2023 (SAR bln) 

Item 

Domestic 

Debt 

External 

Debt 

Beginning of period balance 

990.08 

614.96 

375.13 

Issuances or borrowing 

22.60 

60.00 

Principal repayment 

(14.02) 

(69.51) 

Amortization of government bonds 

-- 

-- 

End of period balance 

623.54 

365.62 

989.16 

 

Details and Historical Data of General Budget

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