Saudi Arabia posted revenue of SAR 854.3 billion in the first nine months of 2023, compared to expenditure of SAR 898.3 billion a year earlier, with a deficit of nearly SAR 44 billion, the Ministry of Finance announced today, Nov. 1.
In Q3, revenue stood at SAR 258.5 billion, while expenditure reached SAR 294.3 billion, with a deficit of around SAR 35.8 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 |
258.54 |
294.31 |
(35.77) |
|
Q4 |
-- |
-- |
-- |
|
2023 (estimates)* |
1180.00 |
1262.00 |
(82.00) |
*Updated on Sept. 30, 2023
Actual Revenue for 9M 2023:
The nine-month actual revenue came in at SAR 854.3 billion, dropping 10%, or SAR 95.9 billion, year-on-year (YoY).
Oil revenue reached SAR 505.4 billion, while non-oil revenue stood at around SAR 349 billion.
|
Actual Revenue (SAR bln) |
|||
|
Revenue |
9M 2022 |
9M 2023 |
Change |
|
Oil revenue |
663.1 |
505.4 |
(24%) |
|
Non-oil revenue |
287.1 |
349.0 |
+22% |
|
Taxes on income, profit, and capital gain |
17.7 |
32.1 |
+82% |
|
Taxes on goods and services |
169.5 |
199.5 |
+18% |
|
Taxes on international trade and transactions |
14.4 |
16.4 |
+14% |
|
Other taxes (including Zakat) |
25.2 |
29.9 |
+19% |
|
Other revenue |
60.4 |
71.1 |
+18% |
|
Total |
950.2 |
854.3 |
(10%) |
Actual expenditure jumped 12% to about SAR 898.3 billion in the nine-month period, as shown in the following table:
|
Actual Expenditure 9M 2023 (SAR bln) |
|||
|
Expenditure |
9M 2022 |
9M 2023 |
Change |
|
Employee compensation |
377.9 |
396.5 |
+5% |
|
Use of goods & services |
150.6 |
187.9 |
+25% |
|
Financing expenses |
22.3 |
28.2 |
+27% |
|
Subsidies |
19.2 |
17.5 |
(9%) |
|
Grants |
1.9 |
4.0 |
+114% |
|
Social benefits |
59.8 |
75.9 |
+27% |
|
Other expenses |
77.7 |
77.5 |
(0.2%) |
|
Non-financial assets (CAPEX) |
91.3 |
110.7 |
+21% |
|
Total |
800.65 |
898.26 |
+12% |
The government allocated SAR 185.4 billion for the health and social development sector in the nine-month period. It also earmarked SAR 173.5 billion and SAR 151.9 billion for the military and education sectors, respectively.
|
Actual Sectoral Expenditure 9M 2023 (SAR bln) |
|
|
Sector |
Allocation |
|
Public administration |
31.66 |
|
Military |
173.54 |
|
Security and regional administration |
83.30 |
|
Municipal services |
45.48 |
|
Education |
151.86 |
|
Health and social development |
185.38 |
|
Economic resources |
52.20 |
|
Infrastructure and transportation |
27.17 |
|
General items |
147.66 |
|
Total |
898.26 |
Public debt:
The Kingdom’s public debt increased to around SAR 994.3 billion at the end of Q3 2023, compared to SAR 990.1 billion a year earlier.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt |
|
2022 |
990.1 |
|
9M 2023 |
994.3 |
The following table shows details of public debt in 9M 2023:
|
Public Debt Until 9M 2023 (SAR bln) |
||
|
Item |
Domestic Debt |
External Debt |
|
Beginning of period balance |
990.08 |
|
|
614.96 |
375.13 |
|
|
Issuances or borrowing |
69.28 |
60.00 |
|
Principal repayment |
55.60 |
69.50 |
|
Amortization of government bonds |
0 |
0 |
|
End of period balance |
628.64 |
365.62 |
|
994.26 |
||
In September, the Ministry of Finance expected the Kingdom to post revenue of SAR 1.18 trillion and expenditure of SAR 1.26 billion, with a deficit of SAR 82 billion for 2023, according to data available with Argaam.
In addition, the ministry announced budget estimates for 2024, with revenue of SAR 1.17 trillion and expenditure of SAR 1.25 trillion, a deficit of SAR 79 billion.
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