Saudi Gazette report

RIYADH — Saudi Arabia’s non-oil revenues jumped 13 percent to SR135.08 billion in the second quarter of 2023, compared to about SR120 billion in the same quarter of 2022.

According to the preliminary statement issued by the Ministry of Finance on Thursday, the budget estimates showed that oil revenues recorded a decline of 28 percent, reaching SR179.74 billion in the second quarter of this year, compared to about SR250.36 billion in the corresponding quarter of 2022.

Total oil revenues amounted to SR358.3 billion in the first half of 2023, compared to about SR434.06 billion in the first half of 2022, a decrease of 17 percent. At the level of the first half of this year, total revenues amounted to about SR595.8 billion, compared to total expenses of about SR603.95 billion, so that the budget recorded a deficit of SR8.18 billion in the first half of this year.

The Saudi budget recorded total revenues, amounting to about SR314.82 billion in the second quarter of 2023, compared to total expenditures of about SR320.09 billion in the same period last year. The report showed a budget deficit of about SR5.27 billion by the end of the second quarter of this year.

Total revenues decreased by 15 percent to about SR314.8 billion in the second quarter of 2023, compared to SR370.37 billion in the same quarter of 2022. On the other hand, total expenditures in the budget increased by 9 percent to about SR320.09 billion in the second quarter of 2023, compared to about SR292.46 billion in the corresponding quarter of 2022.