Saudi 9M revenue hits SAR 854.3 bln with SAR 898.3 bln expenditure

Saudi Arabia posted revenue of SAR 854.3 billion in the first nine months of 2023, compared to expenditure of SAR 898.3 billion a year earlier, with a deficit of nearly SAR 44 billion, the Ministry of Finance announced today, Nov. 1.

In Q3, revenue stood at SAR 258.5 billion, while expenditure reached SAR 294.3 billion, with a deficit of around SAR 35.8 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	258.54	294.31	(35.77)
Q4	--	--	--
2023 (estimates)*	1180.00	1262.00	(82.00)

*Updated on Sept. 30, 2023

Actual Revenue for 9M 2023:

The nine-month actual revenue came in at SAR 854.3 billion, dropping 10%, or SAR 95.9 billion, year-on-year (YoY).

Oil revenue reached SAR 505.4 billion, while non-oil revenue stood at around SAR 349 billion.

Actual Revenue (SAR bln)
Revenue	9M 2022	9M 2023	Change
Oil revenue	663.1	505.4	(24%)
Non-oil revenue	287.1	349.0	+22%
Taxes on income, profit, and capital gain	17.7	32.1	+82%
Taxes on goods and services	169.5	199.5	+18%
Taxes on international trade and transactions	14.4	16.4	+14%
Other taxes (including Zakat)	25.2	29.9	+19%
Other revenue	60.4	71.1	+18%
Total	950.2	854.3	(10%)

Actual expenditure jumped 12% to about SAR 898.3 billion in the nine-month period, as shown in the following table:

Actual Expenditure 9M 2023 (SAR bln)
Expenditure	9M 2022	9M 2023	Change
Employee compensation	377.9	396.5	+5%
Use of goods & services	150.6	187.9	+25%
Financing expenses	22.3	28.2	+27%
Subsidies	19.2	17.5	(9%)
Grants	1.9	4.0	+114%
Social benefits	59.8	75.9	+27%
Other expenses	77.7	77.5	(0.2%)
Non-financial assets (CAPEX)	91.3	110.7	+21%
Total	800.65	898.26	+12%

The government allocated SAR 185.4 billion for the health and social development sector in the nine-month period. It also earmarked SAR 173.5 billion and SAR 151.9 billion for the military and education sectors, respectively.

Actual Sectoral Expenditure 9M 2023 (SAR bln)
Sector	Allocation
Public administration	31.66
Military	173.54
Security and regional administration	83.30
Municipal services	45.48
Education	151.86
Health and social development	185.38
Economic resources	52.20
Infrastructure and transportation	27.17
General items	147.66
Total	898.26

Public debt:

The Kingdom’s public debt increased to around SAR 994.3 billion at the end of Q3 2023, compared to SAR 990.1 billion a year earlier.

Public Debt (SAR bln)
Period	Public Debt
2022	990.1
9M 2023	994.3

The following table shows details of public debt in 9M 2023:

Public Debt Until 9M 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	69.28	60.00
Principal repayment	55.60	69.50
Amortization of government bonds	0	0
End of period balance	628.64	365.62
End of period balance	994.26

In September, the Ministry of Finance expected the Kingdom to post revenue of SAR 1.18 trillion and expenditure of SAR 1.26 billion, with a deficit of SAR 82 billion for 2023, according to data available with Argaam.

In addition, the ministry announced budget estimates for 2024, with revenue of SAR 1.17 trillion and expenditure of SAR 1.25 trillion, a deficit of SAR 79 billion.

Details and Historical Data of General Budget

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