Jeddah: In the second quarter report, the Ministry of Finance said that the public budget of Saudi Arabia has performed well this year. Total income exceeded 370.3 billion Riyals and total expenditure exceeded 292.4 billion Riyals. The ministry also stated that the surplus in the budget is 77.9 billion riyals. Oil revenue has exceeded 250.36 billion riyals in the second three-month period of this year. The increase is 89 percent over the same period of the previous year. In the second quarter of last year, oil revenue was only 132.15 billion riyals.
The non-numerical income in the second quarter of this year reached 120 billion riyals. There is a three percent increase over the same period last year. Non-oil revenue was 115.95 billion riyals then. Revenue from income, profit and capital gains tax is 64 billion riyals. Revenue from goods and services tax (VAT) and other taxes reached 19 billion riyals. 20.2 billion riyals in other revenue was also achieved by the budget in the second quarter.
During the first six months of this year, the value of the Saudi budget surplus exceeded 135 billion riyals. 57.5 billion in the first three months and 77.9 billion in the second quarter. Compared to 452.8 billion riyals in the first half of 2021, this year’s gross revenue increased by 43 percent to 648.3 billion riyals.
The total expenditure is about 292.4 billion Riyals. Compared to 292.45 billion riyals in the second quarter of last year, there is an increase of 16 percent. Saudi budget figures reveal that spending in the first half of this year was 512.9 billion riyals. Compared to the expenditure for the same period in 2021, which was 464.9 billion riyals, there is an increase of 10 percent.