Saudi Arabia estimates 2024 revenues at SAR 1.17 tln, expenditure at SAR 1.25 tln

30/09/2023 ِArgaam
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Logo of Ministry of Finance


Saudi Arabia estimated revenues for the 2024 state budget at SAR 1.17 trillion, with a forecast expenditure of SAR 1.25 trillion with an expected deficit of up to SAR 79 billion, the Ministry of Finance said today, Sept. 30.

 

The 2023 revenues and expenditure are expected to reach SAR 1.18 trillion and SAR 1.26 trillion this year, respectively, with a deficit of SAR 82 billion.

 

In its pre-budget statement 2024, the ministry added conservative revenue estimates were taken into account given the government’s policy when announcing future revenue estimates.

 

The government will continue to improve the efficiency and effectiveness of spending to ensure economic growth and maintain the sustainability of public finance.

 

It added that proactive structural and fiscal reforms have enhanced the ability of the Kingdom’s economy to thrive amidst global economic challenges and developments. This is evident in the positive economic indicators, which point to continuing GDP growth, improved performance in the non-oil sector, a growing labor force, modest inflation rates compared to global rates and a continuous decline in the unemployment rate.

 

Actual Revenues and Expenditure of Saudi Arabia's Budget (2000-2023)

 Year

Revenues

(SAR bln)

Expenditure

(SAR bln)

Surplus/Deficit

(SAR bln)

2024 est.

1172

1251

(79)

2023 forecasts

1180 

1262

(82)

2023 budget

1130

1114

+16

2022 Actual

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

 

The following table shows estimated and actual expenditure for the period from 2004-2024:

 

Estimated and actual expenditure (2004-2023)

 Year

Est. Expenditure (SAR bln)

Actual Expenditure (SAR bln)

Variation (SAR bln)

2024

1251

--

--

2023

1130

--

--

2022

955

1164

 209+

2021

990

 1039

 49+

2020  

1020

1076

56

2019  

1106

1059

(47)

2018

978

1079

101

2017

890

930

40

2016

840

831

(9)

2015

860

1001

141

2014

855

1141

286

2013 

820

995

175

2012 

690

917

227

2011 

580

827

247

2010

540

654

114

2009

475

596

121

2008

410

520

110

2007

380

466

86

2006

335

393

58

2005

280

346

66

2004

230

285

55

 

Actual Revenues and Expenditure of Saudi Arabia's Budget (2000-2023)

 Year

Revenues (SAR bln)

Expenditure (SAR bln)

Surplus/Deficit (SAR bln)

2023 Estimates

1,130

1,114

+16

2022 Forecasts

1,234

1,132

+102

2021 Actual

965

1,039

(73)

2020

927

1,076

(294)

2019

927

1059

(133)

2018  

906

1079

(174)

2017

692

930

(238)

2016

519

831

(311)

2015

613

1001

(389)

2014

1040

1141

(101)

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

 

Key fiscal targets for 2024 and in medium term:

 

The government continues the transformation phase by continuing to implement structural initiatives, as well as economic and fiscal reforms to achieve the Saudi Vision 2030 objectives. The government adopted a fiscal policy aimed at balancing the exploitation of the available fiscal space to accelerate the pace of implementation of programs and projects that have economic and social returns and that are enablers of achieving the Saudi Vision 2030 objectives.

 

The budget for 2024 and the medium term reflect the progress made to implement comprehensive structural reforms by accelerating the sectoral and regional initiatives, as well as the programs and projects driving sustainable economic growth and better quality of services.

 

It is estimated that the budget will realize a deficit of nearly 1.9% of GDP in 2024.

 

Key Fiscal Indicators in Medium term (SAR bln)

Item   

Actual   

Forecast

Estimated

2022   

2023   

2024   

2025   

2026   

Total Revenues

1268 

1180 

1172 

1227 

1259 

Total Expenditure

1164 

1262 

1251 

1300 

1368 

Budget Surplus/Deficit

+104

(82) 

(79) 

(73) 

(109) 

Real GDP Growth

8.7%

0.03% 

4.4% 

5.7% 

5.1% 

Nominal GDP

4156 

4136 

4261 

4494 

4774 

Inflation   

2.5% 

2.6% 

2.2% 

2.1% 

1.9% 

 

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