Oil Revenues Up 1.9% in Q1 2024: Saudi Arabia's Ministry of Finance Report

Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said.

In its quarterly budget performance report, the ministry said the Kingdom posted total revenues of SR293.43 billion in the same quarter, while its public spending amounted to SR305.82 billion.

According to official data, carried by Arab News, total revenues increased 4 percent as compared to Q1 of 2023.

In the first quarter of the current year, the Kingdom posted a budget deficit of SR12.39 billion with oil revenues reaching SR181.92 billion.

The report added that oil revenues rose 1.9 percent as compared to the first quarter of 2023.

Military spending in the first quarter of 2024 was recorded at SR58.85 billion, a 16 percent decline from the same period in 2023.

Tariq Al Fahaam