Saudi revenues hit SAR 1.25T, expenditure at SAR 1.37T in 2024

Saudi Arabia posted actual revenues of SAR 1.25 trillion and expenditure of SAR 1.37 trillion in 2024, recording a budget deficit of SAR 115.6 billion, Ministry of Finance announced today, Feb. 13.

The Kingdom had expected expenditure and revenue to hit SAR 1.34 trillion and SAR 1.23 trillion, respectively, in 2024, with an estimated deficit of SAR 115 billion.

Saudi Budget’s 2000-2024 Actual Revenue & Expenditure (SAR bln)
Year	Revenue	Expenditure	Surplus/(Deficit)
2024 (Actual)	1259.1	1374.7	(115.6)
2023	1212	1293	(81)
2022	1268	1164	104
2021	965	1039	(73)
2020	782	1076	(294)
2019	927	1059	(133)
2018	906	1079	(174)
2017	692	930	(238)
2016	519	831	(311)
2015	613	1001	(389)
2014	1040	1141	(100)
2013	1153	995	158
2012	1247	917	329
2011	1118	827	291
2010	741	654	87
2009	510	596	(87)
2008	1101	520	581
2007	643	466	177
2006	674	393	280
2005	564	346	218
2004	392	285	107
2003	293	257	36
2002	213	234	(21)
2001	228	255	(27)
2000	258	235	23

In Q4 2024, actual revenue hit SAR 302.86 billion, while expenditure reached SAR 360.52 million. The fourth-quarter deficit amounted to SAR 57.66 billion.

Saudi Budget’s Actual Revenues & 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	302.86	360.52	(57.66)
2024 (Actual)	1259.10	1374.72	(115.63)

Saudi Arabia recorded oil revenues of nearly SAR 756.62 billion in 2024, while non-oil revenues came in at SAR 502.47 billion.

Actual Revenues Breakdown (SAR bln)
Revenues	2023	2024	Change
Oil revenues	754.6	756.6	+0.3%
Non-oil revenues	457.7	502.5	+10%
Taxes on income, profit & capital gains	38.6	31.58	(18%)
Taxes on goods & services	262.5	288.8	+10%
Taxes on international trade & transactions	22.1	24.5	+11%
Other taxes	33.4	35.6	+7%
Other revenues	101.1	121.9	+21%
Total	1212.3	1259.1	+4%

Actual Expenditure

The Kingdom spent nearly SAR 1.37 trillion in 2024, a year-on-year (YoY) rise of 6.3%, as indicated in the table below:

Actual Expenditure in 2024 (SAR bln)
Expenditure	2023	2024	Change
Employee compensation	537.32	562.26	+5%
Use of goods & services	303.39	313.02	+3%
Financing expenses	37.79	44.56	+18%
Subsidies	20.91	34.01	+63%
Grants	6.79	4.21	(38%)
Social benefits	97.01	101.40	+5%
Other expenses	103.54	124.59	+20%
Non-financial assets (CAPEX)	186.50	190.66	+2%
Total	1293.24	1374.72	+6%

The ministry had projected in the 2025 budget that the Kingdom’s 2024 actual revenue and expenditure would amount to about SAR 1.34 trillion and SAR 1.23 trillion, respectiviely, with an estimated budget deficit of SAR 115 billion.

Public Debt

Public debt increased by 16% to around SAR 1.21 trillion at the end of 2024, from SAR 1.05 trillion in 2023.

Public Debt (SAR bln)
Period	Total
2023	1050.28
2024	1215.92

Public Debt by Q4 2024-End (SAR bln)

Period	Domestic Debt	External Debt
Beginning of period balance	1050.28
Beginning of period balance	644.41	405.88
Issuances/borrowing	167.68	77.19
Principal repayment	73.83	5.40
Amortization of government bonds	0	0
End of period balance	738.25	477.67
End of period balance	1215.92

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