The financial data from the Saudi Ministry of Finance for the first quarter of 2024 reveals revenues totaling 293.4 billion riyals, with expenditures reaching 305.8 billion riyals, resulting in a deficit of 12.4 billion riyals.
→ Download Saudi 2024 Q1 Budget PDF
During the first quarter, oil revenues amounted to 182 billion riyals, showing a 2% increase compared to the same period in 2023. Meanwhile, non-oil revenues saw a significant rise, reaching 111.5 billion riyals, marking a 9% increase from the previous year’s first quarter.
Notable budget allocations in the first quarter include 60.5 billion riyals for health and social development, 51.5 billion riyals for education, 49.3 billion riyals for the military sector, 42.8 billion riyals for general expenditures, and 30 billion riyals for security and administrative regions.
The Ministry of Finance statement issued today indicates that the deficit of 12.4 billion riyals in the first quarter was covered through borrowing.
The statement also highlights an increase in public debt by the end of the first quarter of 2024, totaling 1,115.8 billion riyals, up from 1,050 billion riyals at the start of the period. This includes 665 billion riyals in domestic debt and 450.8 billion riyals in external debt.
It’s worth noting that the 2023 budget reported revenues of 1.21 trillion riyals and expenditures of 1.29 trillion riyals, resulting in a deficit of 80.9 billion riyals.
