RIYADH: Saudi Arabia posts revenues of SR314.82 billion ($83.91 billion) in the second quarter of 2023, according to data released by the Finance Ministry on Thursday. Oil revenue totaled SR179 billion, the ministry’s quarterly budget performance report showed. The second quarter saw a 13 percent surge in non-oil revenue to SR135 billion from SR120 billion in the previous quarter.

Data showed the first half revenue reached SR595.77 billion while total expenditures were recorded at SR603.95 billion. Revenues from taxes on income, profit and capital gains surged by 63 percent in the second quarter. According to the report, Saudi Arabia’s actual expenditure rose by 18 percent year on year to SR603.95 billion. The Kingdom earmarked SR111.25 billion for the military sector in the budget for the first half of the year. It also allocated SR128 billion and SR103 billion for the health and social development sector, as well as the education sector, respectively. The allocation for the health and social development sector increased 29 percent as compared to the first half of 2022. aSaudi Arabia’s public debt dropped to SR989.16 billion in the first half of the current fiscal from SR990.08 billion at the end of 2022.

Credit: Independent News Pakistan (INP)