Saudi revenues hit SAR 309B, expenditure at SAR 339B in Q3 2024

Saudi Arabia posted actual revenues of SAR 309.2 billion and expenditure of SAR 339.4 billion in Q3 2024, recording a budget deficit of SAR 30.2 billion, the Ministry of Finance announced today, Nov. 4.

In the first nine months of this year, actual revenues reached SAR 956.23 billion, while expenditure stood at SAR 1.01 trillion. The Kingdom recorded an actual deficit of SAR 57.96 billion in the same period.

Saudi Budget Actual Revenue & Expenditure for 2024 (SAR bln)
Period	Revenue	Expenditure	Surplus/Deficit
Q1	293.43	305.82	(12.39)
Q2	353.59	368.93	(15.34)
Q3	309.21	339.44	(30.24)
Q4	--	--	--
2024 (Estimates)	1172	1251	(79.00)

Actual Revenue in 9M 2024

The nine-month revenue rose nearly 12% to SAR 956.2 billion, compared to the same period in 2023.

Oil revenue hit SAR 585.78 billion for the current period, while non-oil revenue came in at SAR 370.46 billion.

Actual Revenue (SAR bln)
Revenue	9M 2023	9M 2024	Change
Oil revenue	505.4	585.8	+16%
Non-oil revenue	349.0	370.5	+6%
Taxes on income, profit & capital gains	32.1	25.4	(21%)
Taxes on goods & services	199.5	214.0	+7%
Taxes on international trade & transaction	16.4	16.9	+2%
Other taxes	29.9	33.5	+12%
Other revenue	71.1	80.7	+14%
Total	854.3	956.2	+12%

Actual Expenditure in 9M 2024

The state’s public expenditure increased by 13% on an annual basis to around SAR 1.01 trillion.

Actual Expenditure 9M 2024 (SAR bln)
Expenditure	9M 2023	9M 2024	Change
Employee compensation	396.5	416.0	+5%
Use of goods & services	187.9	219.0	+17%
Financing expenses	28.2	32.8	+16%
Subsidies	17.5	28.7	+64%
Grants	4.0	2.4	(40%)
Social benefits	75.9	84.2	+11%
Other expenses	77.5	83.5	+8%
Non-financial assets (CAPEX)	110.7	147.6	+33%
Total	898.3	1014.2	+13%

The Saudi government allocated SAR 176.1 billion for the military sector in the first nine of the year; SAR 201.01 billion for the health and social development sector; and SAR 151.1 billion for education.

Spending in 9M 2024 (Actual Amounts) – SAR bln
Sector	Allocation
Public administration	39.98
Military	176.06
Security & administrative regions	92.49
Municipal services	81.44
Education	151.12
Health services & social development	201.01
Economic resources	67.08
Infrastructure & transportation	31.97
General items	173.03
Total	1014.20

Public Debt

The Kingdom’s public debt rose to around SAR 1.15 trillion in the first nine months of 2024, from SAR 1.05 trillion at the end of 2023.

Public Debt (SAR bln)
Period	Public Debt (SAR bln)
2023	1050.28
9M 2024	1157.64

Details of public debt in 9M 2024:

Public Debt by 9M 2024 (SAR bln)
Period	Domestic Debt	External Debt
Beginning of period balance	1050.28
Beginning of period balance	644.40	405.88
Issuances/borrowing	117.25	67.81
Principal repayment	72.93	4.77
Amortization of government bonds	--	--
End of period balance	688.72	468.92
End of period balance	1157.64

For more data, refer to Macro Page

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