Saudi Arabia posted actual revenues of SAR 1.21 trillion and expenditure of SAR 1.29 trillion in 2023, recording a budget deficit of SAR 80.95 billion, the Ministry of Finance announced today, Feb. 14.
The ministry earlier forecast expenditure and revenues to reach SAR 1.27 trillion and SAR 1.19 trillion, with a deficit of SAR 82 billion.
|
Saudi Budget Actual Revenue & Expenditure (SAR bln) |
|||
|
Year |
Revenue |
Expenditure |
Surplus/Deficit |
|
2023 (Actual) |
1212 |
1293 |
(81) |
|
2022 |
1268 |
1164 |
+104 |
|
2021 |
965 |
1039 |
(73) |
|
2020 |
782 |
1076 |
(294) |
|
2019 |
927 |
1059 |
(133) |
|
2018 |
906 |
1079 |
(174) |
|
2017 |
692 |
930 |
(238) |
|
2016 |
519 |
831 |
(311) |
|
2015 |
613 |
1001 |
(389) |
|
2014 |
1040 |
1141 |
(100) |
|
2013 |
1153 |
995 |
158 |
|
2012 |
1247 |
917 |
329 |
|
2011 |
1118 |
827 |
291 |
|
2010 |
741 |
654 |
87 |
|
2009 |
510 |
596 |
(87) |
|
2008 |
1101 |
520 |
581 |
|
2007 |
643 |
466 |
177 |
|
2006 |
674 |
393 |
280 |
|
2005 |
564 |
346 |
218 |
|
2004 |
392 |
285 |
107 |
|
2003 |
293 |
257 |
36 |
|
2002 |
213 |
234 |
(21) |
|
2001 |
228 |
255 |
(27) |
|
2000 |
258 |
235 |
23 |
In Q4 2023, actual revenues reached SAR 358 billion, while expenditure stood at SAR 395 billion. The Kingdom posted a deficit of SAR 37 billion in the three-month period.
|
Saudi Budget Actual Revenues & 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 |
357.98 |
394.98 |
(37.00) |
|
2023 (Actual) |
1212.29 |
1293.24 |
(80.95) |
|
2023 (Estimates) |
1130.00 |
1114.00 |
+16.00 |
Actual Revenues in 2023:
Actual revenues fell 4% year-on-year (YoY) to nearly SAR 1.21 trillion last year.
Oil revenues reached approximately SAR 754.6 billion, while non-oil revenues came in at SAR 457.7 billion in 2023.
|
Actual Revenues (SAR bln) |
|||
|
Revenues |
2022 |
2023 |
Change |
|
Oil revenues |
857.3 |
754.6 |
(12%) |
|
Non-oil revenues |
410.9 |
457.7 |
+11% |
|
Taxes on income, profit, and capital gain |
24.5 |
38.6 |
+58% |
|
Taxes on goods and services |
251.5 |
262.5 |
+4% |
|
Taxes on international trade and transactions |
18.7 |
22.15 |
+18% |
|
Other taxes |
28.4 |
33.4 |
+17% |
|
Other revenues |
87.8 |
101.09 |
+15% |
|
Total |
1268.2 |
1212.3 |
(4%) |
Actual Expenditure in 2023:
Actual expenditure rose by 11% YoY to almost SAR 1.29 trillion last year, as shown in the following table:
|
Actual Expenditure 2023 (SAR bln) |
|||
|
Expenditure |
2022 |
2023 |
Change |
|
Employee compensation |
513.22 |
537.32 |
+5% |
|
Use of goods & services |
258.11 |
303.39 |
+18% |
|
Financing expenses |
30.31 |
37.79 |
+25% |
|
Subsidies |
29.65 |
20.91 |
(29%) |
|
Grants |
2.96 |
6.79 |
+129% |
|
Social benefits |
79.42 |
97.01 |
+22% |
|
Other expenses |
107.17 |
103.54 |
(3%) |
|
Non-financial assets (CAPEX) |
143.46 |
186.50 |
+30% |
|
Total |
1164.31 |
1293.24 |
+11% |
Public Debt:
The Kingdom’s public debt increased by 6.1% to nearly SAR 1.05 trillion in 2023, from SAR 990.08 billion by the end of 2022.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
End of 2022 |
990.08 |
|
End of 2023 |
1050.28 |
The Kingdom's public date by the end of Q4 2023:
|
Public Date by end of Q4 2023 (SAR bln) |
||
|
Period |
Domestic Debt |
External Debt |
|
Beginning of period balance |
990.08 |
|
|
614.96 |
375.13 |
|
|
Issuances or borrowing |
87.98 |
101.25 |
|
Principal repayment |
58.53 |
70.13 |
|
Amortization of government bonds |
-- |
-- |
|
End of period balance |
644.41 |
405.88 |
|
1050.28 |
||
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