Saudi Arabia posts SAR 326 bln revenue, SAR 469 bln expenditure in H1 2020

Saudi Arabia reported budget deficit of SAR 109.23 billion in Q2 2020, the finance ministry said on Tuesday.

Actual revenue stood at SAR 133.94 billion, while expenditure reached SAR 243.18 billion.

In H1 2020, the Kingdom reported actual revenue of SAR 326.01 billion and expenditure of SAR 469.36 billion with a deficit of SAR 143.34 billion.

Revenue was estimated at SAR 833 million, while expenditure was budgeted at SAR 1.020 billion, with an expected deficit of SAR 187 billion.

Actual Revenues & Expenditures for 2020 (SAR bln)
Period	Revenues	Expenditures	Surplus/deficit (SAR bln)
Q1	192	226	(34)
Q2	134	243	(109)
H1	326	469	(143)
Q3	--	--	--
Q4	--	--	--
2020 (Estimates)	833	1020	(187)

The first half revenue fell 35.6% year-on-year (YoY) to SAR 326 billion.

Oil revenue dropped 34.7% YoY to SAR 224.5 billion, with non-oil revenue also sliding by 37% YoY to SAR 101.5 billion.

Actual Revenues (SAR bln)
Revenues	H1 2019	H1 2020	Variation
Oil revenues	343.99	224.49	(35%)
Non-oil revenues	162.11	101.53	(37%)
Taxes on income, profit and capital gain (of which: foreign corporate income taxes)	9.05	5.21	(42%)
Taxes on goods and services (including Excise VAT and VAT)	77.63	41.16	(47%)
Taxes on international trade and transactions (custom duties)	7.89	7.81	(1%)
Other taxes (of which: Zakat)	21.75	5.42	(75%)
Other revenues	45.78	41.91	(8%)
Total	506.11	326.01	(36%)

Total expenditures in H1 2020 dropped 8% YoY to SAR 469 billion.

Actual Expenditures (SAR bln)
Expenditures	H1 2019	H1 2020	Variation
Compensation of employees	252.21	249.27	(1%)
Use of goods and services	51.76	61.94	+20%
Financing expenses	9.71	11.42	+18%
Subsidies	17.53	13.34	(24%)
Grants	0.63	2.37	+276
Social benefits	45.44	27.64	(39%)
Other expenses	44.28	45.98	+4%
Non-financial assets (CAPEX)	90.24	57.40	(36%)
Total	511.80	469.36	+8%

The Kingdom’s public debt rose to SAR 820 billion in H1 2020, compared to SAR 678 billion by the end of 2019.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2019	678
H1 2020	819.9

Public Debt in H1 2020 (SAR bln)
Item	Domestic debt		External debt
Beginning of period balance		677.93
Beginning of period balance	372.76		305.16
Issuances or borrowing	96.94		45.00
Principal repayment	0		0
Amortization of government bonds	0		0
End of period balance	469.71		350.16
End of period balance		819.87

Deficit Financing in H1 2020 (SAR bln)
Period	Q1 2020	Q2 2020	Total
Surplus	(34.11)	(109.24)	(143.34)
Financing Sources
Current account	9.00	--	9.00
Government reserves	0	48.67	48.67
Financing from domestic borrowing	11.19	29.92	41.12
Financing from external borrowing	18.49	26.06	44.56
Total financing	38.69	104.66	143.34

For More Reports

Saudi budget

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