Saudi Arabia estimates 2022 budget revenues at SAR 903 bln, expenditure at SAR 955 bln

30/09/2021 Argaam

Pre-budget statement for 2022


Saudi Arabia's revenues for the 2022 state budget are estimated at SAR 903 billion, with a forecast expenditure of SAR 955 billion and a deficit of SAR 52 billion, the Ministry of Finance said in its pre-budget statement today, Sept. 30.  

 

Total revenues are projected at SAR 930 billion this year, while expenditure is expected to stand at SAR 1.015 trillion, with an estimated deficit of SAR 85 billion.

 

According to the pre-budget statement, the noticeable and anticipated uptick in the Kingdom’s economy is expected to positively impact the medium-term budget revenue. Moreover, the government’s continued efforts are likely to contribute to economic diversification through the implementation of the programs and initiatives directly linked to the Vision 2030 objectives. This in turn will maintain revenue growth, driven by local and global economic recovery forecasts in the medium term after the COVID-19 pandemic.

 

Actual Revenues and Expenditures of Saudi Arabia's Budget (2000-2022)

 Year

Revenues (SAR bln)

Expenditures (SAR bln)

Variation (SAR bln)

2022 Estimates

903

955

(52)

2021 Forecasts

930

1,015

(85)

2020

770

1068

(298)

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

 
 

The Ministry of Finance added that total revenue is forecast to grow to SAR 992 billion in 2024, while public expenditure is seen at SAR 951 billion. The Kingdom is expected to post a budget surplus of nearly SAR 27 billion as of 2023, and SAR 42 billion in 2024.

 

Meanwhile, the public debt is seen growing from SAR 937 billion in 2021 to SAR 989 billion next year and remain steady at this level until 2024.

 

Macroeconomic Projections for FY 2022 in Medium-Term

 

Actual

Budget

Forecasts

Estimates

Item

2020

2021

2021

2022

2023

2024

Total Revenue

782

849

930

903

968

992

Total Expenditure

1076

990

1015

955

941

951

Budget Deficit

(294)

(141)

(85)

(52)

+27

+42

As % of GDP

(11.2%)

(4.9%)

(2.7%)

(1.6%)

+0.8%

+1.2%

Public Debt

854

937

937

989

989

989

As % of GDP

32.5%

32.7%

30.2%

31.3%

29.2%

27.6%

Total GDP Growth

(4.1%)

--

2.6%

7.5%

3.6%

3.3%

Nominal GDP

2625

--

3102

3162

3383

3583

Inflation

3.4%

--

3.3%

1.3%

2.0%

2.0%

 

The Kingdom’s total revenue stood at SAR 452.87 billion, while total expenditure reached SAR 464.92 billion in the first half of 2021. Budget deficit reached SAR 12.06 billion in the same period.

 

Details and historical data for macroeconomic

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