MIDDLEEAST TYCOON NEWS DESK: Saudi Arabia reported a budget deficit of SR30.23 billion ($8.06 billion) for Q3 2024, a 15% decrease compared to the same period last year. This brings the total deficit for the first nine months of 2024 to SR57.96 billion, in line with earlier forecasts. Government revenues increased by 20%, reaching SR309.21 billion, while expenditures rose by 15%, totaling SR339.44 billion.
Oil revenues made up 62% of total income, amounting to SR190.87 billion—up 30% year-on-year—while non-oil revenues grew by 6%, reaching SR118.34 billion. Taxes on goods and services accounted for 62% of non-oil revenues, rising 5% to SR73.94 billion. Notably, “other taxes,” including corporate zakat, surged by 69% to SR5.31 billion.
Expenditures included a 6% rise in employee compensation (SR138.63 billion), 15% growth in goods and services spending (SR82.69 billion), and a 17% increase in capital expenditures (SR48.15 billion). Subsidies rose by 10%, reaching SR7.44 billion.
Government reserves fell by 4% to SR390.08 billion, while public debt reached SR1.16 trillion, with 60% in domestic debt. Despite OPEC+ oil cuts, Saudi Arabia’s revenues showed resilience, supporting its Vision 2030 goals for economic growth and diversification.
