Saudi Arabia posted actual revenues of SAR 293.4 billion and expenditure of SAR 305.8 billion in Q1 2024, recording a budget deficit of SAR 12.4 billion, the Ministry of Finance announced today, May 5.
|
Saudi Budget Actual Revenue & Expenditure for Q1 2024 (SAR bln) |
|||
|
Period |
Revenue |
Expenditure |
Surplus/Deficit |
|
Q1 |
293.43 |
305.82 |
(12.39) |
|
Q2 |
-- |
-- |
-- |
|
Q3 |
-- |
-- |
-- |
|
Q4 |
-- |
-- |
-- |
|
2024 (Forecasts) |
1172 |
1251 |
(79) |
Actual Revenues:
In the three-month period, actual revenues reached SAR 293.4 billion, growing almost 4% year-on-year (YoY). Oil and non-oil revenues stood at SAR 181.92 billion and SAR 111.51 billion, respectively.
|
Actual Revenues (SAR bln) |
|||
|
Revenues |
Q1 2023 |
Q1 2024 |
Change |
|
Oil revenues |
178.61 |
181.92 |
+2% |
|
Non-oil revenues |
102.34 |
111.51 |
+9% |
|
Taxes on income, profit & capital gain |
7.19 |
6.55 |
(9%) |
|
Taxes on goods & services |
63.09 |
69.90 |
+11% |
|
Taxes on international trade & transactions |
5.50 |
6.03 |
+10% |
|
Other taxes |
4.12 |
3.69 |
(10%) |
|
Other revenues |
22.44 |
25.34 |
+13% |
|
Total |
280.94 |
293.43 |
+4% |
Actual Expenditure:
Actual expenditure increased by 8% YoY to almost SAR 305.82 billion in Q1 2024, as shown in the following table:
|
Actual Expenditure in Q1 2024 (SAR bln) |
|||
|
Expenditure |
Q1 2023 |
Q1 2024 |
Change |
|
Employee compensation |
134.07 |
137.50 |
+3% |
|
Use of goods & services |
54.10 |
60.70 |
+12% |
|
Financing expenses |
9.93 |
10.07 |
+1% |
|
Subsidies |
6.06 |
8.33 |
+37% |
|
Grants |
0.51 |
0.32 |
(38%) |
|
Social benefits |
19.21 |
23.85 |
+24% |
|
Other expenses |
34.01 |
30.55 |
(10%) |
|
Non-financial assets (CAPEX) |
25.98 |
34.50 |
+33% |
|
Total |
283.86 |
305.82 |
+8% |
Spending:
In the Q1 2024 budget, the government allocated SAR 51.59 billion to the education sector, in addition to SAR 49.30 billion and SAR 60.5 billion to the military and the health & social development sectors, respectively.
|
Spending in Q1 2024 (Actual Amounts) – SAR bln |
|
|
Sector |
Allocation |
|
Public administration |
16.52 |
|
Military |
49.30 |
|
Security & administrative regions |
30.06 |
|
Municipal services |
26.79 |
|
Education |
51.59 |
|
Health services & social development |
60.50 |
|
Economic resources |
18.67 |
|
Infrastructure & transportation |
9.57 |
|
General items |
42.81 |
|
Total |
305.82 |
Public Debt:
The Kingdom’s public debt increased to nearly SAR 1.11 trillion in Q1 2024, from SAR 1.05 trillion by the end of 2023.
|
Public Debt (SAR bln) |
|
|
Period |
Public Debt (SAR bln) |
|
2023 |
1050.28 |
|
Q1 2024 |
1115.83 |
Below are details of the Kingdom’s public debt by the end of Q1 2024:
|
Public Debt by Q1 2024-end (SAR bln) |
||
|
Period |
Domestic Debt |
External Debt |
|
Beginning of period balance |
1050.28 |
|
|
644.41 |
405.88 |
|
|
Issuances/borrowing |
24.15 |
49.06 |
|
Principal repayment |
3.53 |
4.14 |
|
Amortization of government bonds |
-- |
-- |
|
End of period balance |
665.03 |
450.80 |
|
1115.83 |
||
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