Saudi Arabia’s Non-Oil Revenues Soar in Q1 of 2024
In a remarkable financial feat, Saudi Arabia’s non-oil revenues surged by an impressive 9 percent, reaching a staggering SR111.51 billion ($29.73 billion) in the first quarter of 2024 compared to the same period in 2023, as revealed by the Ministry of Finance.
Steady Growth in Total Revenues
The Kingdom showcased a robust financial performance with total revenues hitting SR293.43 billion in the first quarter of the year, while public spending stood at SR305.82 billion. Official data indicates a 4 percent increase in total revenues compared to Q1 of 2023.
Oil Revenues and Taxation
Despite a budget deficit of SR12.39 billion in Q1 of 2024, oil revenues reached SR181.92 billion, marking a 1.9 percent rise from the same period in 2023. Taxes on goods and services saw a significant 11 percent increase, totaling SR69.9 billion, while taxes from international trade and transactions surged by 10 percent to reach SR6.03 billion.
Government Allocations and Debt
The Kingdom allocated SR26.79 billion for municipal services in Q1 of 2024, reflecting a substantial 157 percent increase from the previous year. However, public debt rose to nearly SR1.11 trillion in the first quarter of 2024 from SR1.05 trillion at the end of 2023.
Investment in Economic Resources and Administration
Spending on the development of economic resources saw an 8 percent increase, reaching SR18.68 billion compared to the same quarter in 2023. Public administration expenses also surged by 39 percent to SR16.52 billion. Interestingly, military spending in Q1 of 2024 declined by 16 percent to SR58.85 billion from the same period in 2023.