In a recent financial assessment, Saudi Arabia has reported a notable 9 percent increase in non-oil sector revenues, reaching SR111.51 billion for the first quarter of 2024. This boost reflects a solid improvement compared to the same timeframe in the previous year.
The Ministry of Finance’s quarterly fiscal performance analysis revealed overall revenues of SR293.43 billion during this period, juxtaposed with public expenditures totaling SR305.82 billion.
Reflecting a holistic view of the nation’s finances, these figures represent a 4 percent hike in total revenues from the first quarter of 2023. Despite this upswing, the Kingdom experienced a budget shortfall of SR12.39 billion, alongside oil revenues summing up to SR181.92 billion.
Oil-related income exhibited a modest rise of 1.9 percent from the first quarter of the preceding year. Meanwhile, revenue from taxes on goods and services saw a significant 11 percent jump, amounting to SR69.9 billion. In addition, taxes from international commerce and transactions climbed by 10 percent, reaching SR6.03 billion.
Addressing urban needs, the Kingdom allocated SR26.79 billion for municipal services, marking an impressive 157 percent increase from the corresponding quarter in 2023. Concurrently, the national public debt saw an uptick, climbing to nearly SR1.11 trillion in the first quarter of 2024 from SR1.05 trillion at the close of the previous year.
Investments in the development of economic resources have not lagged, witnessing an 8 percent elevation to SR18.68 billion in comparison to the first quarter of 2023. Public administration spending also soared by 39 percent to SR16.52 billion.
However, the military sector observed a reduction in spending by 16 percent, with expenditures recorded at SR58.85 billion for the first quarter of 2024, relative to the same span in 2023.