Saudi Arabia’s non-oil revenues saw a 9 percent increase to SAR111.512 billion ($29.73 billion) in the first quarter of 2024, compared to Q1 of 2023, the Ministry of Finance reported in its latest Quarterly Budget Performance Report.
During Q1, Saudi Arabia’s total revenues saw a 4 percent annual increase to SAR293.433 billion. Meanwhile, the Kingdom’s expenditures increased by 8 percent annually to SAR305.82 billion. Therefore, Saudi Arabia posted a budget deficit of SAR12.39 billion during the first quarter of 2024.
Moreover, the Kingdom’s oil revenues saw a 2 percent annual increase to SAR181.92 billion from SAR178.6 billion in Q1 of 2023.
Revenues from taxes on goods and services increased 11 percent to SAR69.9 billion. Meanwhile, revenues from taxes on international trade and transactions increased by 10 percent to SAR6.033 billion, while other revenues increased by 13 percent to SAR25.34 billion.
Read: Saudi Arabia’s net FDI surges 16 percent to $3.49 billion, supporting non-oil growth
Saudi Arabia increased its allocation for municipal services by 157 percent annually to SAR26.79 billion. Moreover, it increased its allocation for public administration by 39 percent to SAR16.522 billion and health and social development by 22 percent to SAR60.502 billion.
Finally, the report revealed that Saudi Arabia’s public debt increased to SAR1.11 trillion in Q1 of 2024 from SAR1.05 trillion by the end of 2023.
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