Saudi revenues hit SAR 293.4B, expenditure at SAR 305.8B in Q1

Saudi Arabia posted actual revenues of SAR 293.4 billion and expenditure of SAR 305.8 billion in Q1 2024, recording a budget deficit of SAR 12.4 billion, 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)

Actual Revenues:

In the three-month period, actual revenues reached SAR 293.4 billion, growing almost 4% year-on-year (YoY). Oil and non-oil revenues 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 & capital gain	7.19	6.55	(9%)
Taxes on goods & services	63.09	69.90	+11%
Taxes on international trade & 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%

Actual Expenditure:

Actual expenditure increased by 8% YoY to almost SAR 305.82 billion in 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 the Q1 2024 budget, the government allocated SAR 51.59 billion to the education sector, in addition to SAR 49.30 billion and SAR 60.5 billion to the military and the health & social development sectors, respectively.

Spending in Q1 2024 (Actual Amounts) – SAR bln
Sector	Allocation
Public administration	16.52
Military	49.30
Security & administrative regions	30.06
Municipal services	26.79
Education	51.59
Health services & social development	60.50
Economic resources	18.67
Infrastructure & 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

Below are details of the Kingdom’s public debt by the end of Q1 2024:

Public Debt by Q1 2024-end (SAR bln)
Period	Domestic Debt	External Debt
Beginning of period balance	1050.28
Beginning of period balance	644.41	405.88
Issuances/borrowing	24.15	49.06
Principal repayment	3.53	4.14
Amortization of government bonds	--	--
End of period balance	665.03	450.80
End of period balance	1115.83

Budget Statement FY 2024

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