Saudi Arabia’s First-Quarter Budget Deficit is in Line with Forecasts; Non-oil Revenue Increases by 9%

Saudi Arabia’s First-Quarter Budget Deficit is in Line with Forecasts; Non-oil Revenue Increases by 9%

RIYADH: In the first quarter of 2024, Saudi Arabia’s budget deficit amounted to SR12.4 billion ($3.3 billion), or 16 percent of the annual deficit predicted by the Ministry of Finance at the end of the previous year.

This implies that it meets expectations, demonstrating the Kingdom’s careful fiscal management and advancement in speeding up spending associated with implementing Vision 2030. The Ministry’s quarterly performance report also showed that higher taxes on goods and services were the main cause of the annual 9% increase in non-oil revenues, which reached SR293.43 billion.

According to report data, these taxes increased by 11% during the given period, totaling about SR70 billion. This income source comprised about 25% of all government revenues and roughly 63% of income from sources other than oil.

Usually, this describes taxes placed on specific goods or services instead of on people or companies in general. Some examples are value-added taxes, excise taxes, and special levies like those aimed at foreign nationals.

From 36% in the same quarter of 2023 to 38% in the current quarter, non-oil revenues’ percentage of total government income grew.

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