Saudi Arabia registers a $21.58 Billion Budget deficit in 2023
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The Saudi Arabian finance ministry announced in the past week, that the Saudi Arabia experienced a budget deficit of 80.946 billion riyals ($21.58 billion) for the year 2023.
The country reported revenues of 1.212 trillion riyals, with 754.6 billion coming from oil. However, the expenditures reached up to of 1.293 trillion riyals.
Full-year revenue dropped by 4% year-on-year, down from $338.3 billion (SAR 1.26 trillion) in 2022.
In the fourth quarter alone, Saudi Arabia recorded revenues of 357.98 billion riyals ($95.4 billion), against expenditures of 394.97 billion riyals ($105.3 billion), leading to a quarterly budget deficit of 36.99 billion riyals ($9.8 billion).
2024 approved budget:
For the fiscal year 2024, Saudi Arabia’s cabinet has approved a budget forecasting a deficit of 79 billion riyals ($21.1 billion), which is approximately 1.9% of the Gross Domestic Product (GDP).
The kingdom estimated a revenue of $312.5 billion (SAR 1.2 trillion) and expenditures of $333.5 billion (SAR 1.25 trillion) for this year.
The budget allocation prioritizes military expenditures at 269 billion riyals ($71.7 billion), followed by 214 billion riyals ($57 billion) for health and social development, 195 billion riyals ($52 billion) for education, and 112 billion riyals ($29.8 billion) for security and regional administration.
Additional allocations include 84 billion riyals ($22.4 billion) for economic resources, 81 billion riyals ($21.6 billion) for municipal services, and 43 billion riyals ($11.5 billion) for public administration.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
