The Kingdom of Saudi Arabia’s budget deficit in the third quarter of the year 2024 reached SR 30 billion, according to data released by Saudi Arabia’s Ministry of Finance on Monday, November 4.
The date reports revealed that the Kingdom’s oil revenues recorded a growth of 1 percent in the first nine months of 2024, while the non-oil revenues in the nine months of this year amounted to 6 percent.
The recent reports provide a glimpse into the struggles and progress that the kingdom’s economy faces in light of volatile oil prices and continued diversification of the economy in non-oil sectors.
Financial performance overview
Total Expenditures: In Q3 2024 the government fiscal outlay was SR 339 billion, an increase of 15 percent compared to the same quarter of the previous year.
Total Revenues: Total revenues of SR 309 billion were recorded, up by 20 percent year-on-year.
Oil Revenues: Oil revenues were recorded at SR 191 billion, which is around 62 percent of the total revenues, and have grown at a healthy 30 percent during the quarter.
Non-Oil Revenues: Non-oil revenues increased by six percent to reach SR118 billion, mainly due to taxes on goods and services.
Year-to-date figures
The total expenditures for the first nine months of 2024 have been at SR 1 trillion, while total revenues were at SR 956 billion making Saudi Arabia’s cumulative deficit over SR 58 billion. Public debt stood at SR 1.158 trillion or 98.6 per cent of Gross Domestic Product by the end of September.
The ministry of finance also added that last year’s first semester had already displayed an SR28 billion deficit or 35 percent of an expected annual deficit for 2024 of SR 79 billion.
