The actual performance of the Saudi public budget during the first quarter of the year 2023 recorded a deficit of 2.9 billion riyals (773 million dollars), while revenues amounted to 280.9 billion riyals (about 74.9 billion dollars), while expenditures recorded 283.9 billion riyals (75.6 billion dollars).
The deficit in the budget for the first quarter of 2023 came as a result of an increase in revenues at a rate less than the rate of increase in expenditures, as revenues increased by 1 percent, compared to a 29 percent increase in expenditures compared to the same period last year, according to the official news agency.
The increase in revenues came despite the decline in oil prices compared to the same period of the previous year, as oil revenues declined by 3 percent to reach 178.6 billion riyals ($47.6 billion) in the first quarter of 2023 compared to 183.7 billion riyals ($48.9 billion) for the same period of 2022.
Non-oil revenues increased in the first quarter of 2023 by 9 percent, recording 102.3 billion riyals ($27.27 billion), compared to 94.3 billion riyals ($25.1 billion) for the same period of 2022, compensating for the decline in oil revenues, and shifting total revenues to an increase of 1 percent.
