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 |
|
|
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 |
|
1215.92 |
||
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