Saudi Arabia records 13% surge in non-oil revenues in Q2


Saudi Arabia posted revenues of SAR 314.9 billion (USD 83.9 billion) in the second quarter of 2023 according to data from the Saudi Ministry of Finance.

Encouragingly, the second quarter saw a 13% surge in non oil revenue to SAR 135 billion) USD 36 billion) from SAR 120 billion (USD 32 billion) previously. Oil revenue totaled SAR 179 billion (USD 32 billion) the ministry’s quarterly budget performance report reported.

These figures are recorded at a time when the Kingdom of Saudi Arabia, in line with Vision 2030, is seeking to reduce its dependence on oil. To aid this diversification the country is looking to increase the contribution of the private sector and the Public Investment Fund (PIF).

Further data showed that first half revenue reached SAR 596 billion (USD 159 billion) while total expenditures rose by 18% year on year to SAR 604 billion (USD 161 billion). Revenues from taxes on income, profit and capital gains surged by 63% in the second quarter.

The Kingdom has allocated SAR 128 billion (USD 34 billion) for the health and social development sector and SAR 103 billion (USD 27.4 billion) for the education sector. As a result the health and social development sector funding increased 29% when compared to the first half of 2022. Additionally, Saudi Arabia budgeted SAR 111 billion (USD 29.6 billion) for the military sector.

Saudi Arabia’s public debt dropped to SAR 989.2 billion (USD 263.8 billion) in the first half of the current fiscal year, an increase from SAR 990 billion (USD 264 billion) at the end of 2022.

Furthermore, the Saudi Ministry of Finance announced the Kingdom’s budget for the second quarter of this year 2023, with total revenues amounting to SAR 314.8 billion (USD 83.9 billion) and expenses amounting to SAR 320 billion (USD 85.3). The deficit during the three months ending on June 30 amounted to SAR 5.3 billion (USD 1.41 billion).

Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi, Saudi Business Case, Saudi Business Model Development, Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.

Please click on the link to learn more about opportunities and possibilities in Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.

Other News

BSUS News 30 - Thumb

Saudi and IBM developing AI in several Arabic dialects

Saudi Arabia and IBM have joined hands to pioneer a transformative project - a generative AI programme designed to embrace the rich tapestry of Arabic dialects.

This innovative venture, spearheaded...

Read more
BSUS News 29 - Thumb

Saudi Arabia to welcome European Chamber of Commerce

Saudi Arabia will see the first European Chamber of Commerce in the Gulf region open in Riyadh, according to the EU’s special representative for the Gulf region.

The inaugural European Chamber of...

Read more
BSUS News 28 - Thumb

Saudi Arabia's non-oil activity increasing in line with Vision 30

Saudi Arabia's non-oil business activity grew at a steady rate in April according to a recently published survey with domestic demand driving output.

The seasonally adjusted Riyad Bank...

Read more
BSUS News 27 - Thumb

Saudi Arabia attracting GCC companies to lucrative opportunities

Saudi Arabia is attracting an influx of companies from across the Gulf Cooperation Council (GCC) due to burgeoning prospects and transformative development sweeping through the Kingdom.

Moreover, the...

Read more
BSUS News 26 - Thumb

Saudi sovereign wealth fund holds SAR 3.5 trillion in assets

Saudi Arabia’s Public Investment Fund (PIF) has enjoyed a 55 percent increase in assets under management and is now valued at SAR 3.49 trillion (USD 925 billion).

According to figures from the US...

Read more
BSUS News 25 - Thumb

Saudi Arabia waives customs duties to boost industrial sector

Saudi`s Ministry of Industry and Mineral Resources has announced that customs duties on selected manufacturing products will be waived from April 1.

The decision aims to help businesses with valid import...

Read more
BSUS News 24 - Thumb

Saudi CEO`s forecast business optimism and economic growth

Saudi Arabian Chief Executive Officers have shown unprecedented optimism for the economic growth prospects of the Kingdom over the next year.

According to a study by Price Waterhouse Coopers (PWC)...

Read more
BSUS News 23 - Thumb

Saudi Arabia to add 250,000 hotel rooms, revises tourist targets

Saudi Arabia plans to add 250,000 hotel rooms by 2030 according to the Kingdom’s Ministry of Tourism, with 75,000 to be contracted to the private sector. Meanwhile, approximately 12 resorts on the Red...

Read more

Page Break