Saudi Arabia posts $20.8bn budget surplus in Q2

Saudi Arabia has posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, representing 16 percent increase over the same period last year.

The finance ministry said the state’s total revenues during the same period amounted to over SR370.4 billion, up 49 percent year-on-year, while expenditures stood at SR292.5 billion.

Oil revenues, the ministry added, were up by 89 percent year-on-year, reaching SR250.4 billion, while non-oil revenues slightly rose by 3 percent year-on-year, amounting to SR120 billion.

The public debt on June 30, 2022 stood at SR966.5 billion, up from SR958.6 billion as of the end of March.

The budget surplus is in parallel with the increase in oil revenue during the same period. The Gulf country recorded an 89% increase in oil revenue year-on-year from Q2 2021 to Q2 2022.

Oil revenue topped SAR250 billion ($66.8 billion) while total revenue also rose by 49% to SAR370 billion in Q2.