Argaam Macro: Saudi non-oil revenues in 2024 budget hit record high

The Saudi Ministry of Finance expected state revenues to reach SAR 1.23 trillion by the end of 2024, noting that the implementation of initiatives and structural reforms under Vision 2030 helped diversify the economy and boost non-oil revenues that are inherently linked to economic activity.

The ministry said that the sustained improvement in economic activities and the development of tax policies have significantly boosted non-oil revenues as a percentage of non-oil GDP since the launch of Vision 2030.

According to the ministry, non-oil revenues rose to a record high of SAR 472 billion, compared to SAR 186 billion upon the launch of Vision 2030.

Meanwhile, oil revenues amounted to SAR 758 billion in 2024, as the average price of Brent crude futures reached about $81.8 per barrel until Q3 2024, with an average production of 9 million barrels per day during that period.

For more on budget stats on Argaam Macro