Saudi Gazette report

RIYADH — Saudi Arabia reported a deficit of SR2.91 billion in the first quarter of 2023.

The Ministry of Finance announced on Sunday the budget performance during the first quarter of the year.

Revenue reached SR280.94 billion and expenditure was SR283.86 billion in Q1 2023.

Actual revenue rose nearly one percent to SR280.94 billion in the first quarter of the year.

Oil revenue stood at SR178.61 billion, while non-oil revenue reached SR102.34 billion in the three-month period.

Actual expenditure jumped 29 percent YoY to almost SR283.9 billion,

The government allocated SR52.1 billion for the education sector in the first-quarter budget.

It also earmarked SR58.9 billion and SR49.6 billion for the military sector, as well as health and social development.

The Kingdom’s public debt decreased to nearly SR962.25 billion in Q1 2023, from SR990.08 billion.