Saudi Arabia reports $75bn in revenues in the first quarter of 2023
The Kingdom of Saudi Arabia (KSA) has reported revenue of SR280.94 billion, which is nearly $75 billion, in the first quarter of 2023, according to the Kingdom’s Ministry of Finance.
The Ministry of Finance of Saudi Arabia issued a report on the country’s revenue in the first quarter of the current financial year. According to a report, expenditure during the first quarter of this year was SR 283.86 billion. It showed a 21.9% drop compared to SR 363.7 billion recorded in the previous quarter.
The non-oil revenue of Saudi Arabia increased by 9 per cent to reach SR102.34 billion in the first quarter of the current year. Saudi Arabia recorded SR 94.26 billion in the same period in 2022. Non-oil revenue is calculated from the commodities that are sold in the foreign market excluding petroleum products.
The oil revenues of the Kingdom were SR 178 billion in the first quarter of 2023. This year, Saudi Arabia’s budget also recorded a deficit of around SR2.91 billion.
The Ministry of Finance of Saudi Arabia, which controls state expenditures, said, “The opportunities available during the previous year were exploited to reduce financing needs for the year 2023 through the implementation of advance financing operations.”
The Ministry of Finance of Saudi Arabia also revealed that the volume of the public debt of Saudi Arabia was low compared to the G20 (Group of 20) countries.
The real gross domestic product (GDP) of Saudi Arabia also grew by 3.9 per cent year-on-year (YoY) in the first quarter of the current financial year, according to the General Authority for Statistics. GDP is the monetary value of the final goods and services of a country in a given period of time.
Saudi Arabia’s activities in the oil and non-oil sectors increased by 1.3 per cent and 5.8 per cent, respectively, between January and March 2023.