Saudi revenues hit SAR 353.6B, expenditure at SAR 368.9B in Q2

31/07/2024 Argaam Special

Saudi revenues hit SAR 353.6B, expenditure at SAR 368.9B in Q2

Saudi Arabia posted actual revenues of SAR 353.59 billion and expenditure of SAR 368.93 billion in Q2 2024, recording a budget deficit of SAR 15.34 billion, the Ministry of Finance announced today, July 31.
In the first half of the year, revenues reached SAR 647.03 billion, while spending stood at SAR 674.75 billion, with an actual deficit of 27.73 billion.
 

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 

--

--

--

Q4 

--

--

--

2024 (Forecast) 

1172

1251

(79)

 

Actual revenues in H1 2024:
 
Actual revenues totaled SAR 647.03 billion in the six-month period, rising 9% year-on-year (YoY).
 
Oil and non-oil revenues stood at SAR 394.91 billion and SAR 252.11 billion, respectively.
 

Actual Revenues (SAR bln)

Revenues

H1 2023

H1 2024

Change

Oil revenues

358.35

394.91

+10%

Non-oil revenues

237.42

252.11

+6%

Taxes on income, profit & capital gain

23.87

19.40

(19%)

Taxes on goods & services

129.22

140.03

+8%

Taxes on international trade & transactions

10.74

11.49

+7%

Other taxes

26.74

28.20

+5%

Other revenues

46.85

53.00

+13%

Total

595.77

647.03

+9%
 
Actual expenditure in H1 2024:
 
The Kingdom recorded actual expenditure of nearly SAR 674.75 billion, an increase of 12% YoY.
 

Actual Expenditure in H1 2024 (SAR bln) 

Expenditure

H1 2023

H1 2024

Change

Employee compensation  

265.95

277.35

+4%

Use of goods & services 

116.16

136.27

+17%

Financing expenses 

18.63

20.85

+12%

Subsidies 

13.78

21.31

+55%

Grants 

3.23

1.70

(48%)

Social benefits 

58.24

63.06

+8%

Other expenses 

58.49

54.77

(6%)

Non-financial assets (CAPEX) 

69.46

99.46

+43%

Total 

603.95

674.75

+12%

 

The Saudi government allocated SAR 104.26 billion for the military sector in the first half of the year, SAR 138.6 billion for the health and social development sector, and SAR 102 billion for education.
 

Spending in H1 2024 (Actual Amounts) – SAR bln

Sector 

Allocation 

Public administration 

28.09

Military 

104.26

Security & administrative regions 

59.96

Municipal services 

57.65

Education 

101.90

Health services & social development 

138.61

Economic resources 

40.71

Infrastructure & transportation 

21.68

General items 

121.89

Total 

674.75
 
The Kingdom’s public debt rose to about SAR 1.14 trillion in H1 2024, from SAR 1.05 trillion at the end of 2023.
 

Public Debt (SAR bln)

Period

Public Debt (SAR bln)

2023

1050.28

H1 2024

1149.21

 

Public Debt by H1 2024 (SAR bln)

 Period

Domestic

Debt

External

Debt

Beginning of period balance

1050.28

644.41

405.88

Issuances/borrowing

104.00

67.81

Principal repayment

68.11

4.77

Amortization of government bonds

--

--

End of period balance

680.29

468.92

1149.21
Actual budget report for the second quarter 2024

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