Saudi Arabia has increased its expenditure in the health and education sectors in the first half of 2022 according to recent figures published by the government.
These sectors account for 39% of total budget spending and equal SAR 197.9 billion (USD 52.6 billion) out of a total of SAR 512.9 billion (USD 136.8 billion) respectively.
The education sector amounted to SAR 98.3 billion (USD 26.21 billion) equivalent to 53.1% of its approved budget. Spending in the health and social development sector amounted to SAR 99.5 billion (USD 26.5 billion) equivalent to 72% of its approved budget.
In contrast, Saudi Arabia’s oil revenues soared 89% year-on-year in the second quarter of 2022, helping the country post a SAR 77.9 billion (USD 20.8 billion) budget surplus. Consequently, revenues reached SAR 250.4 billion (USD 66.8 billion) in the three months to June, compared to SAR 132.1 billion (USD 35.2 billion) in the same period in 2021.
Furthermore, oil exports reached SAR 112.5 billion (USD 30 billion) in March, the highest in six years, according to Bloomberg News. The rally in oil prices combined with rising production increased the value of crude exports by 123% to almost SAR 3.75 billion (USD 1 billion) per day.
The Organization of Petroleum Exporting Countries (OPEC+) and its allies have been gradually boosting crude production with prices trading around SAR 375 (USD 100) a barrel. Therefore, observed seaborne shipments from the Kingdom of Saudi Arabia reached 7.5 million barrels a day last month, compared to 6.6 million barrels a day in June as per Bloomberg data.
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