Budget surplus of 78 billion riyals in the second quarter

The Kingdom’s general budget reached a surplus during the second quarter of 2022 of 77.91 billion riyals. According to the report on the performance In the balance sheet, released yesterday, total revenues amounted to 370.37 billion riyals in the second quarter of 2022, compared with expenses of 292.46 billion riyals. The budget recorded a surplus in the first half of 2022 equal to 135.4 billion riyals; As a result of achieving a turnover of 648.32 billion riyals, compared to expenses of 512.93 billion riyals. The government expects to reach a surplus of 90.09 billion riyals in the 2022 budget, with revenues of 1.045 trillion riyals, compared to expenses of 955 billion riyals. The Ministry of Finance announced the actual balance sheet data for the second quarter, which revealed that revenues exceeded 370.3 billion riyals, including oil revenues of 250 billion riyals. The value of non-oil revenues was 120 billion riyals in the second quarter, plus 10.2 billion riyals, income taxes, profits and capital gains, 64 billion riyals, goods and services tax revenues and 19 billion riyals. , other taxes. The value of the budget surplus exceeded 135 billion riyals in the first half of 2022, including 57.5 billion riyals in the first quarter of 2022 and 77.9 billion riyals in the second quarter. Total revenues in the first half of 2022 increased by 43% to 648.3 billion riyals, compared to 452.8 billion riyals in the first half of 2021. Total actual expenses for the second quarter of 2022 were approximately 292.4 billion riyals, compared to 292.45 billion riyals in the second quarter of 2021, an increase of 16%.

39% of expenditure on education, health and social services

The quarterly report on the progress of the financial statements for the second quarter of quest’year revealed that the items of education, health and social services accounted for about 39% of budget spending during the first half of questyear.It shows the interest of the state in the basic services of the citizen and its enhancement. According to the data, spending on health and social development was about 99.5 billion riyals in the first 6 months of quest’year, compared to 91.8 billion riyals in the same period last year, an increase of 8%, which shows that the state continues to meet all health needs by continuing to provide vaccines and services essential to the fight to the Corona virus.

Data show that health and social development spending in the first half of quest’year is 72% of that approved for the industry, which means by the end of the second half of questexpenditure for the sector will exceed the approved amount, which confirms the state’s willingness to increase allocations for health and social development in compliance with requirements and needs.

At the education sector level, the data showed that the state spent about 98.3 billion riyals on the sector during the first 6 months of questyear, an 8% increase over the same period last year, and what was spent on the sector made up 53% of the budget approved for the year in course.

12% increase in military spending

Budget data indicate that military spending during the first half of quest’year increased by 12% compared to the same period last year, registering 105.1 billion riyals, compared to 93.9 billion riyals in the same period last year, which shows the enthusiasm of the state to protect its security and provide all the requirements that would enhance military capabilities.

Stop external loans

Government debt rose to 966.519 billion riyals at the end of the second quarter of questyear, with an increase of 28.509 billion riyals compared to the levels at the end of 2021, which were 938.01 billion riyals. According to the budget, the increase came from local issues and loans of 83.008 billion riyals in the first 6 months of 2022, while around 36.997 billion riyals of main debt were paid in the same period. According to the statement, the level of external debt fell to 361.761 billion riyals, a drop of 17.502 billion riyals from the levels at the end of 2021, which was 379.263 billion riyals, meaning the government has not issued any debt. international during the first half of questyear, while 17.5 billion of real external debt was paid.

32% of the revenue is non-oil

Non-oil revenues increased in the second quarter of questyear by 3%, reaching 120 billion riyals, compared to 115.9 billion riyals in the same period last year. Non-oil revenues accounted for approximately 32.4%, while oil revenues accounted for approximately 67.6% of total revenues in the second quarter of 2022, after having amounted to approximately 250.36 billion riyals, compared to 132 , 1 billion riyals in the same period last year.

Highest quarterly surplus since 2016

The surplus realized in the second quarter of 2022 is the highest quarterly surplus since the ministry started announcing the budget on a quarterly basis since the beginning of 2016.

In the period from the first quarter of 2016 to the end of the second quarter of 2022, the balance sheet recorded surpluses in only four quarters: the first quarter of 2019 with 27.8 billion riyals, the third quarter of 2021 with 6.7 billion riyals and the first quarter 2022 of 57.5 billion riyals, in addition to what was achieved in the second quarter.

The surplus resulted mainly from the sharp rise in the price of oil, which exceeded $ 100 per barrel.

The balance sheet in the second quarter. Figures and indications

90 billion riyals, the surplus expected in 2022.

78 billion riyals in surplus in the second quarter.

57 billion riyals in surplus in the first quarter.

370 billion riyals total revenues in the second quarter.

292 billion riyals total expenses for the second quarter.

648 billion riyals in revenues for the first half of the year.

513 billion riyals spent for the first half of the year.

250 billion riyals of oil revenues in the second quarter.

120 billion riyals of non-oil revenues.

12% increase in military spending.

Achieve the highest quarterly surplus rate of the last 6 years.

39% of budget for education, health and social services.

Stop external loans.

28 billion riyals increase the public debt.