RIYADH: Saudi Arabia on Sunday announced that it generated revenue of $74.89 billion(SR280.94 billion) in the first quarter of the current financial year.
The data, released by the Kingdom’s Ministry of Finance, revealed a decrease in expenditure, standing at SR283.86 billion during the same period, reflecting a 21.9 percent drop compared to the previous quarter’s SR363.7 billion.
Non-oil revenue in Saudi Arabia experienced a 9 percent increase, reaching SR102.34 billion in the first quarter of 2023, compared to SR94.26 billion in the corresponding period of the previous year.
Meanwhile, oil revenues amounted to SR178 billion, indicating a 3 percent decline compared to the first quarter of 2022.
The report also disclosed that Saudi Arabia’s budget recorded a deficit of approximately SR2.91 billion in the first quarter of 2023.
Saudi Arabia’s public debt remains low
The Ministry of Finance highlighted that “advance financing operations” were employed during the previous year to reduce financing needs for 2023. It also emphasized that the country’s public debt remains low in comparison to other G20 nations.
In addition, data from the General Authority for Statistics revealed that Saudi Arabia’s real gross domestic product (GDP) experienced a year-on-year growth of 3.9 percent in the first quarter of 2023.
This growth was driven by increased activity in the non-oil sector, government services, and the oil industry, which expanded by 5.8 percent, 4.9 percent, and 1.3 percent, respectively, between January and March of this year.
Saudi Arabia’s strong revenue performance in the first quarter of 2023, coupled with its focus on diversifying its economy beyond oil, showcases the Kingdom’s ongoing efforts to bolster its financial stability and support non-oil sectors.
