Saudi Arabia posts SAR 648 bln revenue, SAR 135.4 bln surplus in H1 2022

The Kingdom of Saudi Arabia's flag

Saudi Arabia posted revenue of over SAR 370.4 billion and expenditure of more than SAR 292.5 billion in the second quarter of 2022, with a surplus of almost SAR 78 billion, the Ministry of Finance announced today, Aug. 4.

In the first half of the year, revenue stood at SAR 648 billion, while expenditure reached SAR 512.5 million. The actual budget surplus reached SAR 135.5 billion.

Actual Revenue & Expenditure for 2022 (SAR bln)
Period	Revenue	Expenditure	Surplus/Deficit
Q1	278.0	220.5	+57.5
Q2	370.4	292.5	+77.09
Q3	--	--	--
Q4	--	--	--
2022 (Estimates)	1045	955	+90

Actual Revenue in H1 2022:

Actual revenue hit SAR 648.3 billion in the first six months of 2022, a rise of 43% year-on-year (YoY).

Oil and non-oil revenue stood at SAR 434 billion and SAR 214.3 billion in the same period, respectively.

Actual Revenue for H1 2022 (SAR bln)
Revenue	H1 2021	H1 2022	Change
Oil revenue	248.73	434.06	+75%
Non-oil revenue	204.14	214.26	+5%
Taxes on income, profit & capital gains (including corporate income tax and tax on foreign companies)	10.40	14.35	+38%
Tax on goods & services (including value-added tax and excise tax)	121.66	124.64	+2%
Tax on trade international & transactions (customs fees)	8.34	10.49	+26%
Other taxes (including Zakat)	22.60	23.02	+2%
Other revenues	41.14	41.76	+2%
Total	452.87	648.32	+43%

Actual Expenditure in H1 2022:

Actual expenditure grew by 10% YoY to SAR 512.9 billion in H1 2022.

Actual Expenditure H1 2022 (SAR bln)
Expenditure	H1 2021	H1 2022	Change
Employee compensation	245.72	251.09	+2%
Use of goods & services	73.14	97.15	+33%
Financing expenses	13.19	14.20	+8%
Subsidies	9.65	11.57	+20%
Grants	3.22	1.70	(47 %)
Social benefits	41.77	41.99	+1%
Other expenses	41.38	44.40	+7%
Non-financial assets (CAPEX)	36.84	50.83	+38%
Total	464.92	512.93	+10%

Public Debt:

The Kingdom’s public debt rose to SAR 966.5 billion in H1 2022, from SAR 938 billion in the prior-year period.

Public Debt
Period	Public Debt (SAR bln)
2021	938.0
H1 2022	966.5

Public Debt until H1 2022 (SAR bln)
Item	Domestic Debt	External Debt
Beginning of period balance	938.01
Beginning of period balance	558.75	379.26
Issuances or borrowing	83.01	--
Principal repayment	36.99	17.50
Amortization of government bonds	--	--
End of period balance	604.76	361.76
End of period balance	966.52

Details and Historical Data of State Budget

Saudi Budget

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