Saudi H1 revenue hits SAR 595.8 bln with SAR 603.9 bln expenditure

Saudi Arabia reported revenue of SAR 314.82 billion and expenditure of SAR 320.09 billion in Q2 2023, with a deficit of around SAR 5.27 billion, the Ministry of Finance announced today, Aug. 3.

The first-half revenue reached SAR 595.77 billion, while expenditure reached SAR 603.95 billion. The actual deficit stood at SAR 8.18 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	--	--	--
Q4	--	--	--
2023 (Forecasts)	1130.00	1114.00	+16.00

Actual Revenue in H1 2023:

Actual revenue dropped around 8% to SAR 595.77 billion in the six-month period.

Oil revenue stood at SAR 358.35 billion, while non-oil revenue reached SAR 237.42 billion in the three-month period.

Actual Revenue (SAR bln)
Revenue	H1 2022	H1 2023	Change
Oil revenue	434.06	358.35	(17%)
Non-oil revenue	214.26	237.42	+11%
Taxes on income, profit, and capital gain	14.35	23.87	+66%
Taxes on goods and services	124.64	129.22	+4%
Taxes on international trade and transactions	10.49	10.74	+2%
Other taxes (including Zakat)	23.02	26.74	+16%
Other revenue	41.76	46.85	+12%
Total	648.32	595.77	(8%)

Actual Expenditure H1 2023:

Actual expenditure rose by 18% YoY to almost SAR 603.95 billion, as shown in the following table:

Actual Expenditure H1 2023 (SAR bln)
Expenditure	H1 2022	H1 2023	Change
Employee compensation	251.09	265.95	+6%
Use of goods & services	97.15	116.16	+20%
Financing expenses	14.20	18.63	+31%
Subsidies	11.57	13.78	+19%
Grants	1.70	3.23	+90%
Social benefits	41.99	58.24	+39%
Other expenses	44.40	58.49	+32%
Non-financial assets (CAPEX)	50.83	69.46	+37%
Total	512.93	603.95	+18%

Sectoral Expenditure:

The government allocated SAR 111.25 billion for the military sector in the first-half budget. It also earmarked SAR 128 billion and SAR 103 billion for the health and social development sector, as well as the education sector, respectively.

Spending in H1 2023 (Actual Amounts) – SAR bln
Sector	Allocation
Public administration	21.68
Military	111.25
Security and administrative regions	54.48
Municipal services	26.65
Education	102.82
Health services and social development	127.95
Economic Resources	37.34
Infrastructure and transportation	18.55
General items	103.23
Total	603.95

Saudi Arabia’s public debt declined to SAR 989.16 billion in H1 2023 from SAR 990.08 billion at the end of 2022.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2022	990.08
H1 2023	989.16

The table below details Saudi Arabia’s H1 2023 public debt:

Public Debt Until H1 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	22.60	60.00
Principal repayment	(14.02)	(69.51)
Amortization of government bonds	--	--
End of period balance	623.54	365.62
End of period balance	989.16

Details and Historical Data of General Budget

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