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

05/05/2024 Argaam Special


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

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

1115.83

 

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