In the first quarter of 2024, Saudi Arabia reported a budget shortfall totaling 12.387 billion riyals, which is equivalent to approximately $3.30 billion. This fiscal update was provided by the country’s finance ministry.
The nation, which is a significant exporter of oil, disclosed that it achieved oil revenues of 181.922 billion riyals during the same period. Overall, the total revenue for the Kingdom was recorded at 293.433 billion riyals, whereas government expenditures were cited as 305.820 billion riyals.
Saudi Arabia’s financial profile remains robust, as evidenced by the continued endorsement from rating agencies. For instance, Fitch Rating Agency has affirmed the Kingdom’s creditworthiness, maintaining an ‘A+’ rating with a stable forecast. This grade is underpinned by Saudi Arabia’s solid budgetary and external financial stature.