Saudi Arabia posted actualrevenuesof SAR 293.4 billion and expenditure of SAR 305.8 billionin Q1 2024,recording a budget deficitof SAR 12.4billion, the Ministry of Finance announced today, May 5.
Saudi Budget Actual Revenue Expenditure for Q1 2024 (SAR bln)
Period
Revenue
Expenditure
Surplus/Deficit
Q1
293.43
305.82
(12.39)
Q2
—
—
—
Q3
—
—
—
Q4
—
—
—
2024 (Forecasts)
1172
1251
(79)
ActualRevenues:
In the three-month period, actual revenues reached SAR 293.4 billion, growing 4% year-on-year (YoY). Oil and non-oil revenue stood at SAR 181.92 billion and SAR 111.51 billion, respectively.
Actual Revenues (SAR bln)
Revenues
Q1 2023
Q1 2024
Change
Oil revenues
178.61
181.92
+2%
Non-oil revenues
102.34
111.51
+9%
Taxes on income, profit, and capital gain
7.19
6.55
(9%)
Taxes on goods and services
63.09
69.90
+11%
Taxes on international trade and transactions
5.50
6.03
+10%
Other taxes
4.12
3.69
(10%)
Other revenues
22.44
25.34
+13%
Total
280.94
293.43
+4%
ActualExpenditure:
Actualexpenditureincreasedby 8%YoYtoalmostSAR305.82 brillionin Q1 2024,as shown in the following table:
Actual Expenditure in Q1 2024 (SAR bln)
Expenditure
Q1 2023
Q1 2024
Change
Employee compensation
134.07
137.50
+3%
Use of goods services
54.10
60.70
+12%
Financing expenses
9.93
10.07
+1%
Subsidies
6.06
8.33
+37%
Grants
0.51
0.32
(38%)
Social benefits
19.21
23.85
+24%
Other expenses
34.01
30.55
(10%)
Non-financial assets (CAPEX)
25.98
34.50
+33%
Total
283.86
305.82
+8%
Spending in Q1 2024 (Actual Amounts) – SAR bln
Sector
Allocation
Public administration
16.52
Military
49.30
Security and administrative regions
30.06
Municipal services
26.79
Education
51.59
Health services and social development
60.50
Economic Resources
18.67
Infrastructure and transportation
9.57
General items
42.81
Total
305.82
Public Debt:
The Kingdom’s public debt increased to nearly SAR 1.11 trillion in Q1 2024, from SAR 1.05 trillion by the end of 2023.
Public Debt (SAR bln)
Period
Public Debt
(SAR bln)
2023
1050.28
Q1 2024
1115.83
Public Debt by Q1 2024-end (SAR bln)
Period
Domestic
Debt
External
Debt
Beginning of period balance
1050.28
644.41
405.88
Issuances or borrowing
24.15
49.06
Principal repayment
3.53
4.14
Amortization of government bonds
—
—
End of period balance
665.03
450.80
1115.83
Saudi Arabia posted actualrevenuesof SAR 293.4 billion and expenditure of SAR 305.8 billionin Q1 2024,recording a budget deficitof SAR 12.4billion, the Ministry of Finance announced today, May 5.
Saudi Budget Actual Revenue Expenditure for Q1 2024 (SAR bln)
Period
Revenue
Expenditure
Surplus/Deficit
Q1
293.43
305.82
(12.39)
Q2
—
—
—
Q3
—
—
—
Q4
—
—
—
2024 (Forecasts)
1172
1251
(79)
ActualRevenues:
In the three-month period, actual revenues reached SAR 293.4 billion, growing 4% year-on-year (YoY). Oil and non-oil revenue stood at SAR 181.92 billion and SAR 111.51 billion, respectively.
Actual Revenues (SAR bln)
Revenues
Q1 2023
Q1 2024
Change
Oil revenues
178.61
181.92
+2%
Non-oil revenues
102.34
111.51
+9%
Taxes on income, profit, and capital gain
7.19
6.55
(9%)
Taxes on goods and services
63.09
69.90
+11%
Taxes on international trade and transactions
5.50
6.03
+10%
Other taxes
4.12
3.69
(10%)
Other revenues
22.44
25.34
+13%
Total
280.94
293.43
+4%
ActualExpenditure:
Actualexpenditureincreasedby 8%YoYtoalmostSAR305.82 brillionin Q1 2024,as shown in the following table:
Actual Expenditure in Q1 2024 (SAR bln)
Expenditure
Q1 2023
Q1 2024
Change
Employee compensation
134.07
137.50
+3%
Use of goods services
54.10
60.70
+12%
Financing expenses
9.93
10.07
+1%
Subsidies
6.06
8.33
+37%
Grants
0.51
0.32
(38%)
Social benefits
19.21
23.85
+24%
Other expenses
34.01
30.55
(10%)
Non-financial assets (CAPEX)
25.98
34.50
+33%
Total
283.86
305.82
+8%
Spending in Q1 2024 (Actual Amounts) – SAR bln
Sector
Allocation
Public administration
16.52
Military
49.30
Security and administrative regions
30.06
Municipal services
26.79
Education
51.59
Health services and social development
60.50
Economic Resources
18.67
Infrastructure and transportation
9.57
General items
42.81
Total
305.82
Public Debt:
The Kingdom’s public debt increased to nearly SAR 1.11 trillion in Q1 2024, from SAR 1.05 trillion by the end of 2023.
Public Debt (SAR bln)
Period
Public Debt
(SAR bln)
2023
1050.28
Q1 2024
1115.83
Public Debt by Q1 2024-end (SAR bln)
Period
Domestic
Debt
External
Debt
Beginning of period balance
1050.28
644.41
405.88
Issuances or borrowing
24.15
49.06
Principal repayment
3.53
4.14
Amortization of government bonds
—
—
End of period balance
665.03
450.80
1115.83
