Saudi revenues hit SAR 353.6B, expenditure at SAR 368.9B in Q2

Saudi Arabia posted actual revenues of SAR 353.59 billion and expenditure of SAR 368.93 billion in Q2 2024, recording a budget deficit of SAR 15.34 billion, the Ministry of Finance announced today, July 31.

In the first half of the year, revenues reached SAR 647.03 billion, while spending stood at SAR 674.75 billion, with an actual deficit of 27.73 billion.

Saudi Budget Actual Revenue & Expenditure for 2024 (SAR bln)
Period	Revenue	Expenditure	Surplus/Deficit
Q1	293.43	305.82	(12.39)
Q2	353.59	368.93	(15.34)
Q3	--	--	--
Q4	--	--	--
2024 (Forecast)	1172	1251	(79)

Actual revenues in H1 2024:

Actual revenues totaled SAR 647.03 billion in the six-month period, rising 9% year-on-year (YoY).

Oil and non-oil revenues stood at SAR 394.91 billion and SAR 252.11 billion, respectively.

Actual Revenues (SAR bln)
Revenues	H1 2023	H1 2024	Change
Oil revenues	358.35	394.91	+10%
Non-oil revenues	237.42	252.11	+6%
Taxes on income, profit & capital gain	23.87	19.40	(19%)
Taxes on goods & services	129.22	140.03	+8%
Taxes on international trade & transactions	10.74	11.49	+7%
Other taxes	26.74	28.20	+5%
Other revenues	46.85	53.00	+13%
Total	595.77	647.03	+9%

Actual expenditure in H1 2024:

The Kingdom recorded actual expenditure of nearly SAR 674.75 billion, an increase of 12% YoY.

Actual Expenditure in H1 2024 (SAR bln)
Expenditure	H1 2023	H1 2024	Change
Employee compensation	265.95	277.35	+4%
Use of goods & services	116.16	136.27	+17%
Financing expenses	18.63	20.85	+12%
Subsidies	13.78	21.31	+55%
Grants	3.23	1.70	(48%)
Social benefits	58.24	63.06	+8%
Other expenses	58.49	54.77	(6%)
Non-financial assets (CAPEX)	69.46	99.46	+43%
Total	603.95	674.75	+12%

The Saudi government allocated SAR 104.26 billion for the military sector in the first half of the year, SAR 138.6 billion for the health and social development sector, and SAR 102 billion for education.

Spending in H1 2024 (Actual Amounts) – SAR bln
Sector	Allocation
Public administration	28.09
Military	104.26
Security & administrative regions	59.96
Municipal services	57.65
Education	101.90
Health services & social development	138.61
Economic resources	40.71
Infrastructure & transportation	21.68
General items	121.89
Total	674.75

The Kingdom’s public debt rose to about SAR 1.14 trillion in H1 2024, from SAR 1.05 trillion at the end of 2023.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2023	1050.28
H1 2024	1149.21

Public Debt by H1 2024 (SAR bln)
Period	Domestic Debt	External Debt
Beginning of period balance	1050.28
Beginning of period balance	644.41	405.88
Issuances/borrowing	104.00	67.81
Principal repayment	68.11	4.77
Amortization of government bonds	--	--
End of period balance	680.29	468.92
End of period balance	1149.21

Actual budget report for the second quarter 2024

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Saudi revenues hit SAR 353.6B, expenditure at SAR 368.9B in Q2

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