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Saudi Arabia estimates 2023 budget revenues at SAR 1.130 tln, expenditure at SAR 1.114 tln
Saudi Arabia’s budget
Saudi Arabia's revenues for the 2023 state budget are estimated at SAR 1.130 trillion, with expenditure of SAR 1.114 trillion with an expected surplus of SAR 16 billion, the Ministry of Finance said today, Dec. 7.
Total expenditures are expected to reach SAR 1.132 trillion, while revenues are projected at SAR 1.234 billion for 2022, while with an estimated surplus of SAR 102 billion.
According to the data, Saudi Arabia posted this year its first surplus since 2013.
|
Actual Revenues and Expenditure of Saudi Arabia's Budget (2000-2023) |
|||
|
Year |
Revenues (SAR bln) |
Expenditure (SAR bln) |
Variation (SAR bln) |
|
2023 Estimates |
1,130 |
1,114 |
+16 |
|
2022 Forecasts |
1,234 |
1,132 |
+102 |
|
2021 Actual |
965 |
1,039 |
(73) |
|
2020 |
927 |
1,076 |
(294) |
|
2019 |
927 |
1059 |
(133) |
|
2018 |
906 |
1079 |
(174) |
|
2017 |
692 |
930 |
(238) |
|
2016 |
519 |
831 |
(311) |
|
2015 |
613 |
1001 |
(389) |
|
2014 |
1040 |
1141 |
(101) |
|
2013 |
1153 |
995 |
158 |
|
2012 |
1247 |
917 |
329 |
|
2011 |
1118 |
827 |
291 |
|
2010 |
741 |
654 |
87 |
|
2009 |
510 |
596 |
(87) |
|
2008 |
1101 |
520 |
581 |
|
2007 |
643 |
466 |
177 |
|
2006 |
674 |
393 |
280 |
|
2005 |
564 |
346 |
218 |
|
2004 |
392 |
285 |
107 |
|
2003 |
293 |
257 |
36 |
|
2002 |
213 |
234 |
(21) |
|
2001 |
228 |
255 |
(27) |
|
2000 |
258 |
235 |
23 |
Expenditure is forecast to total SAR 1.132 trillion for 2022, an increase of SAR 177 billion compared to estimates, as shown in the following table:
|
Estimated and Actual Expenditure (2004-2023) |
|||
|
Year |
Estimated Expenditure (SAR bln) |
Actual Expenditure (SAR bln) |
Change (SAR bln) |
|
2023 |
1130 |
-- |
-- |
|
2022* |
955 |
1132 |
+177 |
|
2021 |
990 |
1039 |
+49 |
|
2020 |
1020 |
1076 |
+56 |
|
2019 |
1106 |
1059 |
(47) |
|
2018 |
978 |
1079 |
+101 |
|
2017 |
890 |
930 |
+40 |
|
2016 |
840 |
831 |
(9) |
|
2015 |
860 |
1001 |
+141 |
|
2014 |
855 |
1141 |
+286 |
|
2013 |
820 |
995 |
+175 |
|
2012 |
690 |
917 |
+227 |
|
2011 |
580 |
827 |
+247 |
|
2010 |
540 |
654 |
+114 |
|
2009 |
475 |
596 |
+121 |
|
2008 |
410 |
520 |
+110 |
|
2007 |
380 |
466 |
+86 |
|
2006 |
335 |
393 |
+58 |
|
2005 |
280 |
346 |
+66 |
|
2004 |
230 |
285 |
+55 |
Capital expenditure was estimated by the ministry at SAR 157 billion in 2023, or 14.1% of total expenditure.
Capital expenditure is projected to rise by 3.5%, compared to 2022 estimates, as the government plans to continue strategic spending on mega projects, the Vision 2030 programs and development of the Kingdom’s districts to achieve comprehensive development.
|
Operational and Capital Expenditure (SAR bln) |
|||
|
Year |
Operational Expenditure |
Capital Expenditure |
Total Expenditure |
|
2023 (Forecasts) |
957 |
157 |
1114 |
|
2022 (Estimates) |
981 |
151 |
1132 |
|
2021 |
922 |
117 |
1039 |
|
2020 |
621 |
155 |
1076 |
|
2019 |
890 |
169 |
1059 |
The ministry expected oil revenue to hit SAR 842 billion and non-oil revenue to reach SAR 392 billion, as shown in the following table:
|
Oil and Non-Oil Revenue (2010-2022) |
|||
|
Year |
Non-Oil Revenue (SAR bln) |
Oil Revenue (SAR bln) |
Total Revenue |
|
2022 |
392 |
842 |
1234 |
|
2021 |
403 |
562 |
965 |
|
2020 |
369 |
413 |
782 |
|
2019 |
332 |
594 |
927 |
|
2018 |
294 |
611 |
906 |
|
2017 |
256 |
436 |
692 |
|
2016 |
186 |
334 |
519 |
|
2015 |
166 |
446 |
613 |
|
2014 |
127 |
913 |
1040 |
|
2013 |
118 |
1035 |
1153 |
|
2012 |
102 |
1145 |
1247 |
|
2011 |
83 |
1034 |
1118 |
|
2010 |
71 |
670 |
741 |
The Kingdom’s gross domestic product (GDP) grew by 8.5% to SAR 3.957 trillion in 2022. Inflation eased to 2.6%, compared to the 2021 record level.
|
Key Economic Data |
|||||||||||
|
Year |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
GDP (SAR bln) |
2760 |
2800 |
2836 |
2454 |
2419 |
2582 |
2949 |
2974 |
2625 |
3126 |
3957 |
|
Inflation |
2.9% |
3.5% |
2.7% |
2.2% |
3.4% |
(0.1%) |
2.6% |
(1.0%) |
3.4% |
3.1% |
2.6% |
The Kingdom’s public debt rose to SAR 985 billion this year, representing nearly 24.9% of GDP, compared to SAR 938 billion in 2021.
|
Key Economic Data |
|||||||||||
|
Year |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
*2022 |
|
Public Debt (SAR bln) |
83.8 |
60.1 |
44.3 |
142.3 |
316.6 |
443.3 |
560 |
678 |
854 |
938 |
985 |
|
Debt-to-GDP Ratio |
3.1% |
2.2% |
1.6% |
5.9% |
13.2% |
17.3% |
18.8% |
23.2% |
33.9% |
32.1% |
24.9% |
Expenditure Aspects:
In 2022, the government will spend on education, and on healthcare and social development SAR 189 billion each.
|
Aspects of Expenditure in 2023 (estimates) – SAR bln |
|
|
Sector |
Allocation |
|
Public Administration |
37 |
|
Education |
189 |
|
Healthcare and Social Development |
189 |
|
Municipal Services |
63 |
|
Military |
259 |
|
Security and Regional Administration |
105 |
|
Infrastructure and Transport |
34 |
|
Economic Resources |
72 |
|
General Items |
165 |
|
Total |
1114 |
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