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Saudi Quarterly Budget Registers Record Surplus

Saudi Quarterly Budget Registers Record Surplus

Monday, 16 May, 2022 - 11:15
The Saudi budget achieves a record surplus during the first quarter of 2022. (Asharq Al-Awsat)

Official data released on Sunday showed that the Saudi budget for the first quarter of 2022 recorded a surplus of SR 57.4 billion ($15.3 billion dollars).

The Saudi Ministry of Finance announced the actual general budget for the first quarter of 2022, noting that the Kingdom collected revenues of SR 278 billion ($74.1 billion), while public expenditures amounted to SR 220.47 billion ($58.7 billion).

According to the announced data, the state’s financial revenues during the first quarter of this year grew by around 36 percent compared to the same period last year. Taxes on income, profits and capital gains contributed SR 4.1 billion, while taxes on goods and services achieved SR 60 billion, and other revenues, SR 21.4 billion.

According to the Finance Ministry report, the Kingdom’s non-oil revenues reached SR 94.26 billion. The Kingdom’s public debt rose to SR 958.64 billion in the first quarter, from SR 938 billion in the same period last year, while public spending amounted to SR 22.46 billion, the ministry said.

On the sectoral level, the Saudi actual budget statement for the first quarter of 2022 revealed a spending of SR7 billion on public administration, SR43.5 billion on the military sector, SR22.3 billion on security and administrative areas, and SR 6.8 billion on municipal services.

As for the Kingdom’s main sectors, SR44.9 billion were dedicated to education, SR34 billion to health and social development, SR11.4 billion to economic resources, and SR10.2 billion to basic equipment and transport.

Fadel Al-Buainain, member of the Shura Council, told Asharq Al-Awsat that Saudi Arabia was moving at a steady pace and achieving a large surplus in the first quarter of 2022.

The surplus was achieved thanks to the jump in revenues, he said, explaining that the budget figures reflected performance recovery and economic growth in most economic activities, and underlined the government’s endeavor to complete the process of economic and structural reforms that promote growth.

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