Arab News

RIYADH: Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said.

In its quarterly budget performance report, the ministry said the Kingdom posted total revenues of SR293.43 billion in the same quarter, while its public spending amounted to SR305.82 billion.

According to official data, total revenues increased 4 percent as compared to Q1 of 2023.

In the first quarter of the current year, the Kingdom posted a budget deficit of SR12.39 billion with oil revenues reaching SR181.92 billion.

The report added that oil revenues rose 1.9 percent as compared to the first quarter of 2023.

Taxes on good and services amounted to SR69.9 billion up 11 percent compared to the first quarter of 2023, it showed.

Taxes collected from international trade and transactions rose 10 percent to reach SR6.03 billion as compared to Q1 of the previous year.

The Kingdom allocated SR26.79 billion for municipal services in the first quarter of 2024, up 157 percent as compared to the same period in 2023.

The Kingdom’s public debt increased to nearly SR1.11 trillion in Q1 2024, from SR1.05 trillion by the end of 2023.

The report showed that the Kingdom’s spending on the development of economic resources rose 8 percent to reach SR18.68 billion as compared to the same quarter in 2023.

Spending on public administration reached SR16.52 billion, a rise of 39 percent from Q1 of the previous year.

Military spending in the first quarter of 2024 was recorded at SR58.85 billion, a 16 percent decline from the same period in 2023.