Saudi Arabia Records More than $253 Bn in Revenues in Q3

Business

November 1st, 7:43am

Riyadh - Asharq Al-Awsat

Saudi capital, Riyadh (Asharq Al-Awsat)

Saudi Arabia announced that the country has recorded more than $253 billion increase in its general budget in the third quarter of 2022, recording a surplus of over $39.8 billion. The Saudi government revealed that oil revenues for the third quarter exceeded $61 billion, compared to $39.4 billion during the same period last year, recording a 55 percent increase. Non-oil revenues for the third quarter of this year exceeded $19 billion, compared to the same period in 2021, and amounting to $25.4 billion, corresponding to a 24 percent decrease following a decline in tax revenues on goods, services, trade, international transactions, income, profits, capital gains, and other taxes. The total oil revenues from the beginning of the year amounted to $176 billion, with a 67 percent increase compared to $105 billion during the same period last year. The total non-oil revenues until the end of Q3 reached $76.5 billion, with a decrease of four percent compared to $79.8 billion in the same period last year due to a decline in income, profits, goods, and services taxes. As for expenditures until the end of the third quarter, workers' compensation had the largest share with $100 billion, goods and services at $40 billion, non-financial assets at $24.3 billion, and other expenses amounting to $20.7 billion. The remaining expenses are divided into financing expenses, subsidies, grants, and social benefits. The Saudi general budget revealed that the state's general reserve balance reached $84.7 billion, the current account for the fiscal year 2022 was about $50.5 billion, and the public debt until the end of the last third quarter reached $250 billion. Economics Professor at the University of Jeddah, Salem Bajaja, told Asharq Al-Awsat that the Saudi economy continues to grow following an increase in oil revenues and the ongoing reforms, indicating that the decline in tax revenues is due to the global economic crises that have affected all countries, including Saudi Arabia. Bajaja said that the government continues to expand the volume of expenditures on its development and economic projects, stressing that the oil sector contributed to paying the revenues and surplus of the public budget during the third quarter of this year.

from Asharq AL-awsat https://english.aawsat.com/home/article/3963031/saudi-arabia-records-more-253-bn-revenues-q3