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

15/08/23

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).

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