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Friday, Dec 02, 2022

Saudi Arabia posts budget surplus of over SR14 billion in Q3 of 2022

Saudi Arabia posts budget surplus of over SR14 billion in Q3 of 2022

Saudi Arabia’s general budget recorded SR14.14 billion surplus during the third quarter of 2022, the Ministry of Finance announced on Monday.
According to the ministry report, the budgetary revenues amounted to about SR301.86 billion, and expenditures stood at SR287.72 billion.

The ministry announced on Monday the second quarter report regarding the actual performance of the state’s general budget for the year 2022. The report revealed that the Kingdom’s revenues from the beginning of the year 2022 until the third quarter amounted to about SR950.19 billion and expenditures reached SR800.67 billion, while the surplus amounted to SR149.54 billion.

Oil revenues for the third quarter exceeded SR229 billion, bringing the total oil revenues from the beginning of the year to SR663 billion, with an increase of 67 percent compared to SR396.7 billion during the same period last year.

As for non-oil revenue for the Q3 of this year, it exceeded SR72.84 billion, bringing the total from the beginning of the year to SR287 billion, with a decrease of four percent compared to SR299.54 the same period last year.

The health and social development sector and military sector recorded the highest expenditures. The health and social development sector posted SR153 billion that accounts for 111 percent of the allocations amounting to SR138 billion, while the military sector registered SR159 billion out of the total allocations of SR170.9 billion for the fiscal year.

The ministry statement noted that education sector recorded SR146 billion, representing 79 percent of the budgetary allocations amounting to SR185 billion for the current financial year. The expenditures of municipal services accounted for 90 percent of the allocations with a spending of SR44.48 billion out of the total allocations of SR49.58 billion, the statement added.
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