Saudi revenues hit SAR 309B, expenditure at SAR 339B in Q3 2024

04/11/2024 Argaam Special


Saudi Arabia posted actual revenues of SAR 309.2 billion and expenditure of SAR 339.4 billion in Q3 2024, recording a budget deficit of SAR 30.2 billion, the Ministry of Finance announced today, Nov. 4.

 

In the first nine months of this year, actual revenues reached SAR 956.23 billion, while expenditure stood at SAR 1.01 trillion. The Kingdom recorded an actual deficit of SAR 57.96 billion in the same period.

 

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

309.21

339.44

(30.24)

Q4

--

--

--

2024 (Estimates)

1172

1251

(79.00)

 

Actual Revenue in 9M 2024
 

The nine-month revenue rose nearly 12% to SAR 956.2 billion, compared to the same period in 2023.

 

Oil revenue hit SAR 585.78 billion for the current period, while non-oil revenue came in at SAR 370.46 billion.

 

Actual Revenue (SAR bln)

Revenue

9M 2023

9M 2024

Change

Oil revenue

505.4

585.8

+16%

Non-oil revenue

349.0

370.5

+6%

Taxes on income, profit & capital gains​

32.1

25.4

(21%)

Taxes on goods & services​

199.5

214.0

+7%

Taxes on international trade & transaction​

16.4

16.9

+2%

Other taxes

29.9

33.5

+12%

Other revenue

71.1

80.7

+14%

Total

854.3

956.2

+12%

 

Actual Expenditure in 9M 2024
The state’s public expenditure increased by 13% on an annual basis to around SAR 1.01 trillion.
 

Actual Expenditure 9M 2024 (SAR bln)​

Expenditure

9M 2023

9M 2024

Change

Employee compensation 

396.5

416.0

+5%

Use of goods & services

187.9

219.0

+17%

Financing expenses

28.2

32.8

+16%

Subsidies

17.5

28.7

+64%

Grants

4.0

2.4

(40%)

Social benefits

75.9

84.2

+11%

Other expenses

77.5

83.5

+8%

Non-financial assets (CAPEX)

110.7

147.6

+33%

Total

898.3

1014.2

+13%

 

The Saudi government allocated SAR 176.1 billion for the military sector in the first nine of the year; SAR 201.01 billion for the health and social development sector; and SAR 151.1 billion for education.

 

Spending in 9M 2024 (Actual Amounts) – SAR bln

Sector

Allocation

Public administration

39.98

Military

176.06

Security & administrative regions

92.49

Municipal services

81.44

Education

151.12

Health services & social development

201.01

Economic resources

67.08

Infrastructure & transportation

31.97

General items

173.03

Total

1014.20

 

Public Debt

 

The Kingdom’s public debt rose to around SAR 1.15 trillion in the first nine months of 2024, from SAR 1.05 trillion at the end of 2023.

 

Public Debt (SAR bln)

Period

Public Debt

(SAR bln)

2023

1050.28

9M 2024

1157.64

 

Details of public debt in 9M 2024:

 

Public Debt by 9M 2024 (SAR bln)

Period

Domestic

Debt

External

Debt

Beginning of period balance

1050.28

644.40

405.88

Issuances/borrowing

117.25

67.81

Principal repayment

72.93

4.77

Amortization of government bonds

--

--

End of period balance

688.72

468.92

1157.64

 

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