Saudi 2023 Budget Results: revenues recorded SR1.21 trillion, expenses SR1.29 trillion

The quarterly report on the performance of the Saudi budget during the year 2023, issued a short while ago by the Ministry of Finance, revealed that the budget achieved a deficit estimated at about 80.95 billion riyals, as actual revenues for the year amounted to about 1.21 trillion riyals, compared to actual expenditures amounting to 1.29 billion riyals.

The budget deficit in 2023 came against a surplus achieved in 2022 amounting to about 103.86 billion riyals, and against a surplus that was targeted in the 2023 budget at about 16 billion riyals.

According to the statement, the government financed the budget deficit through internal and external borrowing, where about 20.9 billion riyals were obtained from internal debt, while 60 billion riyals were obtained through external debt, and no withdrawals were made from government reserves.

According to the statement, the fourth quarter of 2023 witnessed a deficit estimated at approximately 37 billion riyals, after achieving actual revenues estimated at approximately 358 billion riyals and expenses amounting to approximately 395 billion riyals.

By the end of the year 2023, oil revenues recorded about 754.6 billion riyals, or 62.2% of the total revenues achieved, while non-oil revenues amounted to about 457.7 billion riyals, or 37.8%.