Saudi Arabia's Q1 2024 Revenues Up 9% to SR111.51 billion: Finance Ministry Report
In the first quarter of 2024, Saudi Arabia's non-oil revenues increased by 9 percent to SR111.51 billion ($29.73 billion), according to the Ministry of Finance.
The Kingdom's total revenues for the quarter were SR293.43 billion, while public spending amounted to SR305.82 billion.
Total revenues saw a 4 percent increase compared to Q1 of 2023.
The budget deficit for the quarter was SR12.39 billion, with oil revenues reaching SR181.92 billion, a 1.9 percent increase from the first quarter of 2023.
Taxes on goods and services amounted to SR69.9 billion, up 11 percent, and taxes from international trade and transactions rose 10 percent to SR6.03 billion.
In Q1 2024, the Kingdom increased its spending on municipal services by 157% to SR26.79 billion.
Public debt rose to nearly SR1.11 trillion from SR1.05 trillion by the end of 2023.
Economic resource development spending grew 8% to SR18.68 billion.
Public administration spending surged 39% to SR16.52 billion.
Military spending decreased 16% to SR58.85 billion.