Saudi Arabia’s non-oil revenues increase 31% to SR 116 billion in second quarter

Saudi Gazette report

RIYAD – Saudi Arabia’s non-oil revenues increased 31%, reaching SR 116 billion in the second quarter of 2021. According to the budget review report released by the Ministry of Finance, the growth in oil revenues stood at 13%, reaching SR 132 billion during the same period. . Budget figures showed the Kingdom’s health spending saw a 20% increase in the first half of 2021.

Budget data for the second quarter of 2021 showed that the Kingdom’s total quarterly revenue stood at SR 248 billion against expenditure of SR 252.6 billion, bringing the quarterly budget deficit to SR 4.6 billion.

In the first quarter of 2021, the quarterly budget deficit was SR 7.4 billion, with total revenue of SR 205 billion and expenditure of SR 212.4 billion. The deficit for the first quarter was financed entirely by debt. The total deficit for the first half of 2021 was SR12 billion, while the second quarter revenue grew by 85% on an annual basis.

The total financing value in the second quarter was SR21.5 billion, while the financing volume in the first half was SR 51 billion. The finance ministry said there is an amount of total funding that was not used to fund the deficit during the first half of the year, and will be used to pay the budget deficit for the remainder. of the year.

The Kingdom’s public debt increased by 2.4%, reaching SR 922.8 billion at the end of the second quarter of this year, compared to around SR 901.36 billion at the end of the first quarter of 2021. Domestic debt total was SR 535.27. billion rubles, while the external debt stood at SR 387.57 billion at the end of the period.

The Kingdom’s oil revenues in the first quarter amounted to SR 117 billion while non-oil revenues amounted to SR 88 billion for the same quarter. Thus, Saudi Arabia‘s oil revenues made up 57% of total revenues in the first quarter of this year. With this, the Kingdom achieved 24% of its expected revenue for 2021 in the first quarter of the year.

About Leni Loberns

Check Also

UK launches ambitious trade deal with Gulf countries

Talks kick off in Riyadh to strike a trade deal with countries covering £33.1bn of …