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Saudi Arabia budgets 2024 revenues at SAR 1.17T, expenditure at SAR 1.25T
Saudi Arabia’s budget
Saudi Arabia budgeted 2024 revenues at SAR 1.17 trillion, with expenditure of SAR 1.25 trillion, with an expected deficit of SAR 79 billion, the Ministry of Finance said today, Dec. 6.
For 2023, total expenditure is expected to reach SAR 1.27 trillion, while revenues are projected at SAR 1.19 billion, reflecting a deficit of SAR 82 billion.
|
Revenues and Expenditure of Saudi Budget (2000-2024) |
|||
|
Year |
Revenues (SAR bln) |
Expenditure (SAR bln) |
Surplus/Deficit (SAR bln) |
|
2024 Estimates |
1172 |
1251 |
(79) |
|
2023 Forecasts |
1193 |
1275 |
(82) |
|
2022 Actual |
1268 |
1164 |
104+ |
|
2021 |
965 |
1039 |
(73) |
|
2020 |
782 |
1076 |
(294) |
|
2019 |
927 |
1059 |
(133) |
|
2018 |
906 |
1079 |
(174) |
|
2017 |
692 |
930 |
(238) |
|
2016 |
519 |
831 |
(311) |
|
2015 |
613 |
1001 |
(389) |
|
2014 |
1040 |
1141 |
(100) |
|
2013 |
1153 |
995 |
158 |
|
2012 |
1247 |
917 |
329 |
|
2011 |
1118 |
827 |
291 |
|
2010 |
741 |
654 |
87 |
|
2009 |
510 |
596 |
(87) |
|
2008 |
1101 |
520 |
581 |
|
2007 |
643 |
466 |
177 |
|
2006 |
674 |
393 |
280 |
|
2005 |
564 |
346 |
218 |
|
2004 |
392 |
285 |
107 |
|
2003 |
293 |
257 |
36 |
|
2002 |
213 |
234 |
(21) |
|
2001 |
228 |
255 |
(27) |
|
2000 |
258 |
235 |
23 |
|
Estimated and Actual Expenditure (SAR bln) (2004-2023) |
|||
|
Year |
Estimated Expenditure |
Actual Expenditure |
Change |
|
2024 |
1251 |
-- |
-- |
|
2023 |
1114 |
1275 |
+161 |
|
2022 |
955 |
1164 |
+209 |
|
2021 |
990 |
1039 |
+49 |
|
2020 |
1020 |
1076 |
+56 |
|
2019 |
1106 |
1059 |
(47) |
|
2018 |
978 |
1079 |
+101 |
|
2017 |
890 |
930 |
+40 |
|
2016 |
840 |
831 |
(9) |
|
2015 |
860 |
1001 |
+141 |
|
2014 |
855 |
1141 |
+286 |
|
2013 |
820 |
995 |
+175 |
|
2012 |
690 |
917 |
+227 |
|
2011 |
580 |
827 |
+247 |
|
2010 |
540 |
654 |
+114 |
|
2009 |
475 |
596 |
+121 |
|
2008 |
410 |
520 |
+110 |
|
2007 |
380 |
466 |
+86 |
|
2006 |
335 |
393 |
+58 |
|
2005 |
280 |
346 |
+66 |
|
2004 |
230 |
285 |
+55 |
The ministry estimated the 2024 capital expenditure at SAR 189 billion, or 15% of total spending.
|
Operating and Capital Expenditure (SAR bln) |
|||
|
Year |
Operating Expenditure |
Capital Expenditure |
Total |
|
2024 |
1062 |
189 |
1251 |
|
2023 |
1072 |
203 |
1275 |
|
2022 |
1021 |
143 |
1164 |
|
2021 |
922 |
117 |
1039 |
|
2020 |
621 |
155 |
1076 |
|
2019 |
890 |
169 |
1059 |
Oil and non-oil revenues are expected to reach SAR 752 billion and SAR 441 billion, respectively, as shown in the following table:
|
Oil and Non-Oil Revenues (2020-2023) |
|||
|
Year |
Non-Oil Revenues (SAR bln) |
Oil Revenues (SAR bln) |
Total (SAR bln) |
|
2023 |
441 |
752 |
1193 |
|
2022 |
411 |
857 |
1268 |
|
2021 |
403 |
562 |
965 |
|
2020 |
369 |
413 |
782 |
|
2019 |
332 |
594 |
927 |
|
2018 |
294 |
611 |
906 |
|
2017 |
256 |
436 |
692 |
|
2016 |
186 |
334 |
519 |
|
2015 |
166 |
446 |
613 |
|
2014 |
127 |
913 |
1040 |
|
2013 |
118 |
1035 |
1153 |
|
2012 |
102 |
1145 |
1247 |
|
2011 |
83 |
1034 |
1118 |
|
2010 |
71 |
670 |
741 |
The Kingdom’s gross domestic product (GDP) reached SAR 4.13 trillion in 2023. Inflation accelerated to 2.6% compared to 2022.
|
Key Economic Data |
||||||||||||
|
Item |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024* |
|
GDP (SAR bln) |
2800 |
2836 |
2454 |
2419 |
2582 |
3175 |
3145 |
2754 |
3278 |
4157 |
4136 |
4261 |
|
Inflation |
3.5 % |
2.7 % |
2.2 % |
3.4 % |
(0.1%) |
2.6% |
(1.0%) |
3.4% |
3.1% |
2.5% |
2.6% |
2.2% |
The Kingdom’s public debt increased to SAR 1.02 trillion in 2023, or nearly 24.8% of GDP, compared to SAR 990 billion in 2022.
|
Key Economic Data |
|||||||||||
|
Item |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
*2023 |
*2024 |
|
Public Debt (SAR bln) |
44.3 |
142.3 |
316.6 |
443.3 |
560 |
678 |
854 |
938 |
990 |
1024 |
1103 |
|
% of GDP |
1.6 % |
5.9 % |
13.2 % |
17.3% |
17.6% |
21.6% |
31.0 % |
28.6 % |
23.8 % |
24.8% |
25.9% |
*Forecasts
Expenditure Aspects:
SaudiArabia earmarks SAR 195 billion for education, SAR 214 billion for healthcare and social development in 2024.
|
Expenditure by Sector in 2024 (estimates) – SAR bln |
|
|
Sector |
Allocation |
|
Public Administration |
43 |
|
Military |
269 |
|
Security and Regional Administration |
112 |
|
Municipal Services |
81 |
|
Education |
195 |
|
Health and Social Development |
214 |
|
Economic Resources |
84 |
|
Infrastructure and Transportion |
38 |
|
General Items |
216 |
|
Total |
1251 |
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