The budget deficit for the first quarter of 2023 results from an increase in revenue at a rate lower than the rate of increase in expenditure, as revenue increased by 1%, against a 29% increase in expenditure compared to the same period last year, according to the official news agency.
The increase in revenue came despite falling oil prices from the same period a year earlier, with oil revenue down 3% to 178.6 billion riyals ($47.6 billion). in the first quarter of 2023, up from 183.7 billion riyals ($48.9). billion) for the same period of 2022.
Non-oil revenue increased by 9% in the first quarter of 2023, recording 102.3 billion riyals ($27.27 billion), compared to 94.3 billion riyals ($25.1 billion) for the same period to 2022, offsetting lower oil revenues and shifting total revenues to a 1 percent increase.
As a result, the share of non-oil revenue increased to 36% of total revenue in the first quarter of 2023, from 34% in the same period of 2022.
Non-oil activities in Saudi Arabia recorded a growth of 5.8% in the first quarter of 2023, focusing on them and aiming for them to be the locomotive of the local economy and the contribution of the non-oil sector to GDP reach 65% by 2030.
Spending, on the other hand, rose 29%, registering 283.9 billion riyals in the first quarter of 2023, compared to 220.5 billion riyals ($58.7 billion) in the same period of 2022.
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