Saudi Arabia posts SAR 950.2 bln revenue, SAR 149.5 bln budget surplus in 9M 2022

Saudi Arabia posted revenue of over SAR 950.2 billion and expenditure of SAR 800.7 billion in the first nine months of 2022, with a surplus of almost SAR 149.5 billion, the Ministry of Finance announced today, Oct. 31.

In the third quarter, revenue stood at SAR 301.87 billion, while expenditure reached SAR 287.73 billion. The actual budget surplus reached SAR 14.14 billion.

Saudi Budget 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	301.9	287.7	+14.1
Q4	--	--	--
2022 (Estimates)	1045	955	+90

Actual Revenue in 9M 2022:

Actual revenue hit SAR 950.2 billion in the first nine months of 2022, a rise of 36% year-on-year (YoY).

Oil revenue came in at SAR 663.09 billion in the nine-month period, while non-oil revenue stood at SAR 287.11 billion.

Actual Revenue for 9M 2022 (SAR bln)
Revenue	9M 2021	9M 2022	Change
Oil revenue	396.7	663.1	+67%
Non-oil revenue	299.5	287.1	(4%)
Taxes on income, profit & capital gains (including corporate income tax and tax on foreign companies)	13.9	17.7	+27%
Tax on goods & services (including value-added VAT and excise tax)	187.8	169.5	(10%)
Tax on trade international & transactions (customs fees)	13.1	14.4	+10%
Other taxes	25.4	25.2	(1%)
Other revenues	59.5	60.4	+2%
Total	696.2	950.2	+36%

Actual Expenditure in 9M 2022:

Actual expenditure jumped 14% YoY to SAR 800.65 billion in the first nine months of the year.

Actual Expenditure 9M 2022 (SAR bln)
Expenditure	9M 2021	9M 2022	Change
Employee compensation	369.2	377.9	+2%
Use of goods & services	114.3	150.6	+32%
Financing expenses	19.7	22.3	+13%
Subsidies	14.0	19.2	+37%
Grants	3.4	1.9	(44%)
Social benefits	54.2	59.8	+10%
Other expenses	62.9	77.7	+24%
Non-financial assets (CAPEX)	64.0	91.3	+43%
Total	701.6	800.65	+14%

Public Debt:

The Kingdom’s public debt increased 4% to SAR 971.8 billion in 9M 2022, from SAR 938 billion by the end of 2021.

Public Debt
Period	Public Debt (SAR bln)
2021	938.0
9M 2022	971.8

Public debt breakdown by end of 9M 2022:

Public Debt until 9M 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	93.23	--
Principal repayment	41.92	17.50
Amortization of government bonds	0	--
End of period balance	610.05	361.76
End of period balance	971.81

Details and Historical Data of State Budget

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