Saudi Arabia Posts Budget Surplus in Q2, as Oil Revenues Fly

Saudi Arabia has posted a SR77.9 billion (~US$20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported. During that period, the state’s total revenues amounted to over SR370.4 billion (~US$98.5 billion), up 49% year-on-year, while expenditures reached SR292.5 billion (~US$77.8 billion).

This represents a 16% increase over the same period. Oil revenues were up by 89% year-on-year, reaching SR250.4 billion (~US$66.6 billion), while non-oil revenues slightly rose by 3% year-on-year, amounting to SR120 billion (~US$66.6 billion).

Saudi Arabia's public debt on June 30 2022 stood at SR966.5 billion (~US$257.1 billion), up from SR958.6 billion (~US$255.04 billion) as of the end of March. The SR7.9 billion increase in public debt during the second quarter is due to the SR25.4 billion (~US$6.7 billion) rise in domestic debt, which was partly offset by a SR17.5 billion (~US$4.6 billion) principal repayments in the Kingdom's external debt over the same period, data compiled by Arab News showed.