Saudi Arabia budgets 2024 revenues at SAR 1.17T, expenditure at SAR 1.25T

06/12/2023 Argaam Special
Saudi Arabia’s budget

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%

*Estimates 
 

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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