Saudi Q1 revenue hits SAR 280.9 bln; expenditure at SAR 283.8 bln

Saudi Arabia reported revenue of SAR 280.94 billion and expenditure of SAR 283.86 billion in Q1 2023, with a deficit of SAR 2.91 billion, the Ministry of Finance announced today, May 7.

Saudi Budget 2023 (SAR bln)
Period	Revenue	Expenditure	Surplus/Deficit
Q1	280.94	283.86	(2.91)
Q2	--	--	--
Q3	--	--	--
Q4	--	--	--
2023 (Forecasts)	1130.00	1114.00	+16.00

Actual Revenue in Q1 2023:

Actual revenue rose nearly 1% to SAR 280.94 billion in the first quarter of the year.

Oil revenue stood at SAR 178.61 billion, while non-oil revenue reached SAR 102.34 billion in the three-month period.

Actual Revenue (SAR bln)
Revenue	Q1 2022	Q1 2023	Change
Oil revenue	183.70	178.61	(3%)
Non-oil revenue	94.26	102.34	9%
Taxes on income, profit, and capital gain	4.11	7.19	75%
Taxes on goods and services	60.42	63.09	4%
Taxes on international trade and transactions	5.06	5.50	9%
Other taxes (including Zakat)	3.18	4.12	30%
Other revenue	21.49	22.44	4%
Total	277.96	280.94	1%

Actual Expenditure Q1 2023:

Actual expenditure jumped 29% YoY to almost SAR 283.9 billion, as shown in the following table:

Actual Expenditure Q1 2023 (SAR bln)
Expenditure	Q1 2022	Q1 2023	Change
Employee compensation	125.17	134.07	7%
Use of goods & services	31.81	54.10	70%
Financing expenses	6.61	9.93	50%
Subsidies	4.88	6.06	24%
Grants	0.34	0.51	50%
Social benefits	12.67	19.21	52%
Other expenses	24.16	34.01	41%
Non-financial assets (CAPEX)	14.84	25.98	75%
Total	220.47	283.86	29%

Sectoral Expenditure:

The government allocated SAR 52.1 billion for the education sector in the first-quarter budget. It also earmarked SAR 58.9 billion and SAR 49.6 billion for the military sector, as well as health and social development, respectively.

Actual Sectoral Expenditure Q1 2023 (SAR bln)
Sector	Allocation
Public Administration	11.88
Military	58.85
Security and Regional Administration	27.12
Municipal Services	10.43
Education	52.15
Health and Social Development	49.60
Economic Resources	17.29
Infrastructure and Transportation	9.71
General Items	46.81
Total	283.86

Public Debt:

The Kingdom’s public debt decreased to nearly SAR 962.25 billion in Q1 2023, from SAR 990.08 billion as of Dec. 31, 2022.

The table below details Saudi Arabia’s Q1 2023 public debt:

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2022	990.08
Q1 2023	962.25

Public Debt Until Q1 2023 (SAR bln)
Item	Domestic Debt	External Debt
Beginning of period balance	990.08
Beginning of period balance	614.96	375.13
Issuances or borrowing	12.41	37.50
Principal repayment	8.86	68.88
Amortization of government bonds	--	--
End of period balance	618.50	343.75
End of period balance	962.25

Details and Historical Data of General Budget

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