Saudi Budget Q2 2023: non-oil revenues up 13%, reduce oil ‎revenue decline impact by 28%‎

Non-oil revenues in the Saudi budget increased by the end of the second quarter of the current year 2023 to 135.08 billion riyals, by 13% over the revenues of the second quarter of 2022, which were 120 billion riyals, and non-oil revenues contributed about 43% of the total revenues amounting to 314.8 billion riyals.

On the other hand, oil revenues declined to 179.74 billion, or 28%, compared to the revenues of the second quarter of the previous year, which were 250.364 billion riyals.

Taxes on income jumped 63%, taxes on goods and services 3%, other taxes 14%, and other revenues rose 20%, while taxes on trade and international transactions fell 3%.

This comes at a time when the Kingdom of Saudi Arabia, through Vision 2030, is seeking to reduce dependence on oil as the only source of income, and the contribution of the private sector and the Public Investment Fund to this diversification.

Saudi Ministry of Finance announced the Kingdom’s budget for the second quarter of this year 2023, with total revenues amounting to 314.823 billion riyals, and expenses amounting to 320.091 billion riyals, and the deficit during the three months ending on June 30, 2023 amounted to 5.269 billion riyals.

Revenues amounted to 595.767 billion riyals at the end of the first half of this year, and expenditures amounted to 603.946 billion riyals, bringing the deficit during the first 6 months of this year to 8.179 billion riyals.