According to figures issued by the Finance Ministry on Thursday, Saudi Arabia's income in the second quarter of 2023 is SR314.82 billion ($83.91 billion). Oil income was SR179 billion, as per the ministry's quarterly budget performance report. Non-oil revenue increased by 13% to SR135 billion in the second quarter, up from SR120 billion in the previous quarter.
According to data, income reached SR595.77 billion in the first half, while total expenditures totaled SR603.95 billion. Revenue from income, profit, and capital gains taxes increased by 63 percent in the second quarter. The Kingdom budgeted SR111.25 billion for the military sector in the first half of the year. It also set aside SR128 billion and SR103 billion for the sectors of health and social development, as well as education. When compared to the first half of 2022, the budget for health and social development grew by 29%. Saudi Arabia's state debt fell from SR990.08 billion at the end of 2022 to SR989.16 billion in the first half of the current fiscal year.
Saudi Arabia's real spending increased by 18% year on year to SR603.95 billion, according to the report.
