39% increase of non-oil quarterly budget revenues

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39% increase of non-oil quarterly budget revenues

In the first quarter of 2021, Saudi Arabia's budget expenditure was approximately SR212.2 billion, while receipts were approximately SR204.76 billion, resulting in a marginal deficit of SR7.44 billion. The Kingdom's deficit in the first quarter was entirely funded by borrowing.

According to the Ministry of Finance's most recent estimate, non-oil sales increased by 39% to SR88.19 billion in the first quarter of 2020, up from SR63.3 billion in the very same quarter of the previous year. Simultaneously, oil sales accounted for 56.93% of total revenues, while non-oil revenues accounted for 43.07%.

According to the survey, tax collections on products and services increased by 75%, with gross taxes exceeding SR53.67 billion, up from SR30.6 billion the previous year.

The residual balance was from overall borrowing and was not intended to fund the debt in the first year, but would now be utilized to cover the budget deficit for the rest of the year.

The municipal services sector is comparatively the least disbursed of the total amounts assigned to it in the first quarter of 2021, with a proportion of expenses of 14 % (SR6.87 billion) out of a total budget of SR50.8 billion for the whole year, according to the survey.

The military sector is known to be the most disbursed out of the overall budget allotted to this in a year, costing 25% of its authorized budget, with investments totaling SR43.53 billion out of SR175.1 billion approved for the whole year.

In the meantime, the International Monetary Fund (IMF) forecasted real GDP growth in Saudi Arabia of 2.1 % this year and 4.8 % upcoming year, growing from the fund's previous prediction of 4 %.

According to an IMF statement issued on Monday, non-oil GDP growth in Saudi Arabia is forecast to hit 3.9 % in 2021 and 3.6 % in 2022. According to the IMF, actual GDP will contract by 0.5 % in 2021 due to the rate of oil supply decided upon in the context of OPEC +.

This year, the fiscal deficit is forecast to fall to 4.2 % of GDP which is marginally lower than the budgeted figure.