Saudi Arabia posts highest quarterly surplus in over six years

RIYADH — Saudi Arabia posted the highest quarterly surplus in the first quarter of 2022 budget with SR57.49 billion in over 6 years. This is equivalent to 63.82 percent of the total estimated SR90.09 billion surplus of the 2022 budget, according to a report by the Ministry of Finance.

The ministry announced on Sunday that the actual revenues of the first quarter amounted to about SR277.96 billion, a rise of 36 percent year-on-year (YoY) while actual expenditures grew by 4 percent YoY to SR220.47 billion in the first quarter of the year.

The ministry disclosed that the total oil revenues amounted to SR183.7 billion, an increase of 58 percent while compared to the same quarter of last year, while non-oil revenues rose SR94.26 billion, an increase of seven percent. Oil revenues accounted for 66.09 percent of the total revenues, while non-oil revenues amounted to about 33.91 percent.

According to the report, the ministry did not take any financing or borrowing during the first quarter of the year from the current account, government reserves, or internal or external financing.

The budgetary expenditures in the municipal services sector amounted to about SR7.6 billion equivalent to 15 percent of the approved budget of SR49.59 billion, while the expenditures of the infrastructure facilities and transportation sector amounted to about SR9.06 billion, equivalent to 22 percent of its approved budget amounting to SR42.04 billion.

The expenses in the health and social development sector amounted to SR37.73 billion, equivalent to 27 percent of its approved budget for 2022, amounting to SR138.24 billion, the report pointed out.




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