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 |
|
|
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 |
|
|
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 |
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