RIYADH — Saudi Arabia's general budget posted a deficit of SR12.39 billion, as total public spending amounted to about SR305.82 billion, while revenues recorded SR293.43 billion during the first quarter of 2024 compared to the same quarter of 2023. According to the first quarter budget performance report, published by the Ministry of Finance on Sunday, the Kingdom's non-oil revenues accounted for 38 percent of total revenues, amounting to about SR111.51 billion, while oil revenues accounted for 62 percent of revenues, amounting to SR181.92 billion. The total revenues slipped 18 percent while compared to the fourth quarter of 2023. The ministry report showed that non-oil revenues in the first quarter increased by 9 percent compared to the same quarter of last year, with a financial increase of SR9.17 billion, while oil revenues increased by 1.9 percent bringing the value of the increase to SR3.32 billion. The ministry indicated that financing the budget deficit in the first quarter came from debt, without relying on government reserves. The state budget for 2024 projected revenues worth SR1.17 trillion, while the value of expenditures is expected to reach about SR1.25 trillion, with a deficit of SR79 billion during the year 2024. The ministry report explained that revenues from taxes on goods and services, which include (value-added tax, selective tax, and fee of expatriates), amounted to SR69.9 billion, while taxes on income, profits, and capital gains, which include (corporate income tax, and withholding tax for non-residents), amounted to SR6.55 billion while taxes on international trade and transactions (customs duties) amounted to SR6.03 billion. The Ministry of Finance report related to the sector spending performance in the first quarter showed that about 39 percent of the approved budget for the public administration sector was spent, in addition to spending of 33 percent of the allocation for the municipal services, 28 percent of the health and social development budget, 27 percent of the budget of security and administrative regions, 26 percent of the education budget, and 25 percent of the basic equipment and transportation budget. It was revealed in the report that some sectors recorded spending of less than a quarter of the budget allocated in 2024 during the first quarter, and these included 18 percent in the military sector, 20 percent in the general items sector and 22 percent in the economic resources sector.
