Saudi Arabia posted a budget deficit of $3.3 billion (12.387bn riyals) in the first quarter of 2024, with oil revenues reaching 181.922bn riyals, the finance ministry said yesterday.
Non-oil revenues rose by nine per cent to reach 111.51bn riyals ($29.73bn) in the first quarter of 2024 as compared to the same period in 2023.
In its quarterly budget performance report, the ministry said the kingdom posted total revenues of 293.43bn riyals in the same quarter, while its public spending amounted to 305.82bn riyals.
According to official data, total revenues increased 4pc as compared to the first quarter of 2023. The report added that oil revenues rose 1.9pc as compared to the first quarter of 2023.
Taxes on goods and services amounted to 69.9bn riyals up 11pc compared to the first quarter of 2023, it showed.
Taxes collected from international trade and transactions rose 10pc to reach 6.03bn riyals as compared to first quarter of the previous year.
The kingdom allocated 26.79bn riyals for municipal services in the first quarter of 2024, up 157pc as compared to the same period in 2023. Saudi Arabia’s public debt increased to nearly 1.11 trillion riyals in the first quarter this year, from 1.05trn riyals by the end of 2023.
The report showed that the kingdom’s spending on the development of economic resources rose 8pc to reach 18.68bn riyals as compared to the same quarter in 2023.
Spending on public administration reached 16.52bn riyals, a rise of 39pc from the first quarter of the previous year.
Military spending in the first quarter of 2024 was recorded at 58.85bn riyals, a 16pc decline from the same period in 2023.
Saudi Arabia enjoys a strong credit rating, with Fitch Rating Agency recently maintaining the kingdom’s rating at A+ with a stable outlook. According to the agency’s report, the rating reflects the strength of Saudi Arabia’s budget and external financial position.
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