Saudi Arabia posts SAR 648 bln revenue, SAR 135.4 bln surplus in H1 2022

04/08/2022 Argaam Special
The Kingdom of Saudi Arabia's flag

The Kingdom of Saudi Arabia's flag


Saudi Arabia posted revenue of over SAR 370.4 billion and expenditure of more than SAR 292.5 billion in the second quarter of 2022, with a surplus of almost SAR 78 billion, the Ministry of Finance announced today, Aug. 4.

 

In the first half of the year, revenue stood at SAR 648 billion, while expenditure reached SAR 512.5 million. The actual budget surplus reached SAR 135.5 billion.  

 

Actual Revenue & Expenditure for 2022 (SAR bln)

Period

Revenue

Expenditure

Surplus/Deficit

 

Q1

278.0

220.5

+57.5

Q2

370.4

292.5

+77.09

Q3

--

--

--

Q4

--

--

--

2022 (Estimates)

1045

955

+90

 

Actual Revenue in H1 2022:

 

Actual revenue hit SAR 648.3 billion in the first six months of 2022, a rise of 43% year-on-year (YoY).

 

Oil and non-oil revenue stood at SAR 434 billion and SAR 214.3 billion in the same period, respectively.

 

Actual Revenue for H1 2022 (SAR bln)

Revenue

H1 2021

H1 2022

Change

Oil revenue

248.73

434.06

+75%

Non-oil revenue

204.14

214.26

+5%

Taxes on income, profit & capital gains (including corporate income tax and tax on foreign companies)

10.40

14.35

+38%

Tax on goods & services (including value-added tax and excise tax)

121.66

124.64

+2%

Tax on trade international & transactions (customs fees)

8.34

10.49

+26%

Other taxes (including Zakat)

22.60

23.02

+2%

Other revenues

41.14

41.76

+2%

Total

452.87

648.32

+43%

 

 

Actual Expenditure in H1 2022:

 

Actual expenditure grew by 10% YoY to SAR 512.9 billion in H1 2022.

 

Actual Expenditure H1 2022 (SAR bln)

Expenditure

H1 2021

H1 2022

Change

Employee compensation 

245.72

251.09

+2%

Use of goods & services

73.14

97.15

+33%

Financing expenses

13.19

14.20

+8%

Subsidies

9.65

11.57

+20%

Grants

3.22

1.70

(47 %)

Social benefits

41.77

41.99

+1%

Other expenses

41.38

44.40

+7%

Non-financial assets (CAPEX)

36.84

50.83

+38%

Total

464.92

512.93

+10%

 

 

Public Debt:

 

The Kingdom’s public debt rose to SAR 966.5 billion in H1 2022, from SAR 938 billion in the prior-year period.

 

Public Debt 

Period

Public Debt

(SAR bln)

2021

938.0 

H1 2022

966.5 

 

Public Debt until H1 2022 (SAR bln)

Item

Domestic

Debt

External

Debt

Beginning of period balance

938.01

558.75

379.26

Issuances or borrowing

83.01

--

Principal repayment

36.99

17.50

Amortization of government bonds

--

--

End of period balance

604.76

361.76

966.52

 

Details and Historical Data of State Budget

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