Saudi Arabia posted actual revenues of SAR 309.2 billion and expenditure of SAR 339.4 billion in Q3 2024, recording a budget deficit of SAR 30.2 billion, the Ministry of Finance announced today, Nov. 4.
In the first nine months of this year, actual revenues reached SAR 956.23 billion, while expenditure stood at SAR 1.01 trillion. The Kingdom recorded an actual deficit of SAR 57.96 billion in the same period.
|
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 |
309.21 |
339.44 |
(30.24) |
|
Q4 |
-- |
-- |
-- |
|
2024 (Estimates) |
1172 |
1251 |
(79.00) |
The nine-month revenue rose nearly 12% to SAR 956.2 billion, compared to the same period in 2023.
Oil revenue hit SAR 585.78 billion for the current period, while non-oil revenue came in at SAR 370.46 billion.
|
Actual Revenue (SAR bln) |
|||
|
Revenue |
9M 2023 |
9M 2024 |
Change |
|
Oil revenue |
505.4 |
585.8 |
+16% |
|
Non-oil revenue |
349.0 |
370.5 |
+6% |
|
Taxes on income, profit & capital gains |
32.1 |
25.4 |
(21%) |
|
Taxes on goods & services |
199.5 |
214.0 |
+7% |
|
Taxes on international trade & transaction |
16.4 |
16.9 |
+2% |
|
Other taxes |
29.9 |
33.5 |
+12% |
|
Other revenue |
71.1 |
80.7 |
+14% |
|
Total |
854.3 |
956.2 |
+12% |
|
Actual Expenditure 9M 2024 (SAR bln) |
|||
|
Expenditure |
9M 2023 |
9M 2024 |
Change |
|
Employee compensation |
396.5 |
416.0 |
+5% |
|
Use of goods & services |
187.9 |
219.0 |
+17% |
|
Financing expenses |
28.2 |
32.8 |
+16% |
|
Subsidies |
17.5 |
28.7 |
+64% |
|
Grants |
4.0 |
2.4 |
(40%) |
|
Social benefits |
75.9 |
84.2 |
+11% |
|
Other expenses |
77.5 |
83.5 |
+8% |
|
Non-financial assets (CAPEX) |
110.7 |
147.6 |
+33% |
|
Total |
898.3 |
1014.2 |
+13% |
The Saudi government allocated SAR 176.1 billion for the military sector in the first nine of the year; SAR 201.01 billion for the health and social development sector; and SAR 151.1 billion for education.
|
Spending in 9M 2024 (Actual Amounts) – SAR bln |
|
|
Sector |
Allocation |
|
Public administration |
39.98 |
|
Military |
176.06 |
|
Security & administrative regions |
92.49 |
|
Municipal services |
81.44 |
|
Education |
151.12 |
|
Health services & social development |
201.01 |
|
Economic resources |
67.08 |
|
Infrastructure & transportation |
31.97 |
|
General items |
173.03 |
|
Total |
1014.20 |
Public Debt
The Kingdom’s public debt rose to around SAR 1.15 trillion in the first nine months of 2024, from SAR 1.05 trillion at the end of 2023.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
2023 |
1050.28 |
|
9M 2024 |
1157.64 |
Details of public debt in 9M 2024:
|
Public Debt by 9M 2024 (SAR bln) |
||
|
Period |
Domestic Debt |
External Debt |
|
Beginning of period balance |
1050.28 |
|
|
644.40 |
405.88 |
|
|
Issuances/borrowing |
117.25 |
67.81 |
|
Principal repayment |
72.93 |
4.77 |
|
Amortization of government bonds |
-- |
-- |
|
End of period balance |
688.72 |
468.92 |
|
1157.64 |
||
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