Saudi Gazette report

JEDDAH — Saudi Arabia’s general budget posted SR77.9 billion surplus during the second quarter of the current year 2022, according to the Ministry of Finance.

The ministry announced on Thursday the second quarter report regarding the actual performance of the state’s general budget for the year 2022. According to the report, the budgetary revenues exceeded SR370.3 billion while expenditures crossed SR292.4 billion.

It recorded a surplus of SR77.907 billion, registering SR370.365 billion in revenues while expenditures amounting to SR292.458 billion.

The ministry revealed that oil revenues make up 89 percent of the revenues in the second quarter of the year. The oil revenues crossed SR250.36 billion, an increase of 89 percent while compared to the second quarter of the previous year 2021 when it amounted to SR132.15 billion.

Meanwhile, the non-oil revenues amounted to SR120 billion in the second quarter of 2022. There has been an increase of three percent in the non-oil revenues while compared to the second quarter of 2021 when the non-oil revenues amounted to SR115.95 billion.

The non-oil revenues included SR10.2 billion in terms of income taxes, profits, and capital gains; SR64 billion in tax revenues on goods and services; and SR19 billion for other taxes. In the second quarter of 2022, the Saudi budget also achieved other revenues, amounting to SR20.2 billion.

The value of the Saudi budget surplus exceeded SR135 billion during the first half of 2022, including SR57.5 billion in the first quarter, and SR77.9 billion in the second quarter.

Total budgetary revenues during the first half of 2022 witnessed an increase of 43 percent, reaching SR648.3 billion while compared to SR452.8 billion during the first half of 2021.

The actual Saudi budget figures revealed the volume of expenditures in the first half of 2022, amounting to SR512.9 billion while compared to SR464.9 billion during the same period of 2021, recording an increase of 10 percent, the ministry statement pointed out.