Saudi Arabia’s quarterly revenues rose to SAR 248 billion in the second quarter of 2021, according to the Kingdom’s Finance Ministry.
While expedintures recorded SAR 252.7 billion, bringing the quarterly budget deficit to SAR 4.6 billion.
Saudi budget figures revealed a 31% growth in non-oil revenues to SAR 116 billion in the second quarter.
In the second quarter of 2021, oil revenues grew by 13% to SAR 132 billion.
The deficit level amounted to SAR 12 billion for the first half of 2021, while revenues in the second quarter recorded a growth of 85% on an annual basis.
Saudi budget figures showed that the kingdom’s spending on health increased by 20% in the first half of 2021.
The total value of financing in the second quarter amounted to SAR 21.5 billion, while the volume of financing in the first half amounted to SAR 51 billion.
Saudi Ministry of Finance said that there is an amount of the total funding that was not used to finance the deficit during the first half of the year, and it will be used to pay the budget deficit during the remainder of the year.
The public debt of Saudi Arabia rose by the end of the second quarter of this year to SAR 922.8 billion, compared to about SAR 901.36 billion at the end of the first quarter of the same year, with an increase of 2.4%.
Total internal debt ranged at SAR 535.27 billion, while the external debt amounted to SAR 387.57 billion at the end of the period.
Saudi Revenues in Q1
In the first quarter of 2021, Saudi Arabia announced that it had recorded quarterly revenues of SAR 205 billion, compared to expenses of SAR 212 billion, bringing the budget deficit quarterly to SAR 7.4 billion.
Saudi Arabia’s deficit in the first quarter was entirely financed by debt.
The Kingdom’s oil income in the first quarter amounted to SAR 117 billion, while non-oil income amounted to SAR 88 billion for the same quarter.
Thus, Saudi Arabia’s oil revenues constituted 57% of the total revenues of the first quarter of this year.
With these figures, the Kingdom achieved 24% of its expected revenues for the year 2021 in the first quarter of the year.
The expected deficit in 2021 was SAR 141 billion, but the deficit during the first six months of 2021 does not exceed SAR 12 billion, and this improvement is supported by the rise in oil prices, but the main improvement came from the growth and diversification of income sources.
45% of total revenues in the first half were from non-oil sources.
It is expected that the second half of this year will be better than the performance of the first half, especially since the Kingdom voluntarily reduced its oil production by one million barrels per day in the second quarter.