This deficit is in line with expectations and indicates the Kingdom's progress in implementing Vision 2030 while maintaining fiscal discipline.

The report also revealed a 9% increase in non-oil revenues to SR293.43 billion, primarily due to a 11% surge in taxes on goods and services, which accounted for about 24% of total government revenues and 63% of non-oil income.

The text discusses the increase in non-oil revenues in the government's income, which now makes up 38% of the overall income.

This growth is driven by two main factors: excise taxes and other revenues.

Excise taxes refer to taxes on specific products or services, while other revenues come from various sources such as income from public units, sales of advertising and port services, fees, fines, penalties, and confiscations.

The text reports that Saudi Arabian government revenues increased by 2% to SR181 billion from oil sources in the first quarter of 2024.

However, the percentage share of oil revenues in total government revenues decreased from 64% in the same quarter of 2023 to 62%.

Total government revenues amounted to SR293.43 billion.

The decrease in oil revenues is attributed to voluntary production cuts by OPEC+, with Saudi Arabia extending its 1 million barrels per day cut until the end of Q2 2024.

Expenditures rose by 8% to SR305.82 billion, with non-financial capital expenditures being the primary driver of this growth.

The Saudi Finance Minister stated that a budget deficit is not just an outcome but an intentional strategy to achieve development goals.

The "Investment in Physical Assets" category experienced a 33% increase, totaling SR34.5 billion, in the first quarter of the fiscal year 2024.

This category includes investments in buildings, machinery, and infrastructure to boost the Kingdom's capacity.

The Ministry plans to increase spending in the coming years to expedite the implementation of crucial programs aligned with Saudi Vision 2030.

The quarterly deficit remained within expectations, demonstrating prudent fiscal management.

The second major factor contributing to the increase in expenditure was the utilization of goods and services, which surged by 12% to SR60.7 billion, accounting for 20% of total expenditure.

The given text discusses the breakdown of the Saudi Arabian government's spending in the third quarter of 2021.

The largest category was compensation of employees, which accounted for 45% of the total spending and amounted to SR137.5 billion, but its growth was only 3%.

The second largest category was the acquisition of goods and services, which reflects the government's consumption or investment in resources for its operations, excluding inventory changes.

The smallest category was subsidies, which accounted for 3% of the total spending and experienced the highest growth rate, reaching SR8.33 billion, indicating the government's commitment to investments in areas like education, health, and social protection programs.

The text discusses the growth in expenditure in Saudi Arabia, with health and social development being the second-largest contributor at SR60.5 billion, an increase of 20%.

The deficit will be covered through borrowing, with 60% being domestic debt (SR665.03 billion) and 40% external debt (SR450.8 billion).

Despite this, Saudi Arabia's public debt as a percentage of GDP remains relatively low compared to advanced economies or G20 countries, and is well-covered with government reserves of around SR392 billion.

This reserve level provides a significant buffer against financial challenges or economic downturns, ensuring fiscal stability and the ability to meet financial obligations.