Saudi Arabia Macroeconomic Developments
- Saudi Arabia posted a budget surplus of SAR57.5 billion ($15.3 billion) in Q1 2022, according to the Ministry of Finance. Revenues reached SAR278 billion ($74 billion) while expenses were SAR220 billion through the first three months of the year. Oil revenue rose 58 percent while non-oil revenue rose 7 percent.
- Saudi Arabia’s public debt increased 2.2 percent to SAR959 billion ($256 billion) at the end of Q1. The increase in public debt, which totaled SAR938 billion ($250 billion) at the end of 2021, was primarily driven by higher domestic sukuk issuances along with lower principal repayments. Domestic debt accounts for 60 percent of the Kingdom’s public debt while the remaining 40 percent is considered external.
- Saudi Arabia’s crude oil exports declined 1 percent MoM to 7.24 million barrels per day (bpd) in March, according to official data. Production meanwhile rose to 10.3 million bpd, the highest level in nearly two years. Separately, Saudi Arabia’s energy minister stated the Kingdom is on track to reach a total production capacity exceeding 13 million bpd by 2027.