Saudi budget revenues near SR1 trln within 9 months, hit 8-‎year high

The revenues of the Saudi budget for the first 9 months of 2022 jumped to 950.192 billion riyals, a 36% increase over the revenues of the same period of the previous year, which was 696.248 billion riyals, to approach the amount of 1045 billion riyals estimated for the budget for the year 2022 as a whole, to record the highest level of revenue in the Saudi budget in about 8 years and has been set since 2014.

According to the budget statement, expenditures rose 14% to 800.65 billion riyals, compared to 701.6 billion riyals in the first 9 months of the previous year, and oil revenues amounted to 663.09 billion riyals, an increase of 67% over the revenues of the same period of the previous year, which was 396.701 billion riyals. Expenses rose 14% to 800.65 billion riyals, compared to 701.6 billion riyals in the first 9 months of the previous year.

According to the statement, the Saudi budget achieved a surplus of 149.5 billion riyals at the end of the first 9 months of this year, supported by the significant rise in oil revenues, despite the decline in non-oil revenues to 287.1 billion riyals at the end of September 2022, at a rate of 4% over the revenues of the period The same from 2021, which was 299.5 billion riyals.

The surplus achieved in the Saudi budget for the first nine months of the year 2022 exceeded the government’s estimates for the surplus for the year as a whole, estimated at 90.09 billion riyals, at a rate of 65%.

Saudi Arabia had announced the Kingdom’s budget for the second quarter of this year 2022 with total revenues of 370,365 billion riyals, and expenses amounting to 292.458 billion riyals, and the surplus during the three months ending on June 30, 2022 amounted to 77.907 billion riyals.

Moreover, Ministry of Finance announced today the budget of the Kingdom for the third quarter of this year, which amounted to: revenues of 301.87 billion, expenditures of 287.73 billion, and a surplus of 14.14 billion.

The revenues for the first 9 months of 2022 amounted to 950.2 billion riyals, expenses 800.7 billion riyals, and a surplus of 149.5 billion riyals.

Oil revenues amounted to 229.02 billion riyals, an increase of 55% over the revenues of the third quarter of 2021, which were 147.98 billion riyals.

Non-oil revenues are 72.85 billion riyals, down 24% from 2021 revenues, which were 95.4 billion riyals.