Saudi Budget Q1: Actual expenses rise 8% to 305.8 billion riyals

The state’s general budget data during the first quarter showed that total expenditures amounted to 305.8 billion riyals, an increase of 8% compared to the corresponding period in 2023. This is due to the government’s continued provision of social support to those eligible, in addition to continuing to develop the level of public services provided to citizens and residents, and keep implementing many projects and strategies that will achieve positive structural changes that lead to expanding and diversifying the economic base.

Non-oil revenues during the first quarter of 2024 amounted to about 111.5 billion riyals, recording an increase of 9% compared to what they were in the first quarter of 2023, which amounted to 102.3 billion riyals.

Oil revenues in the first quarter of the current year reached 181.9 billion riyals, recording an increase compared to the first quarter of 2023, which amounted to 178.6 billion riyals, an increase of 2%.

Total expenses in the first quarter amounted to 305.8 billion riyals, recording an increase of 8% compared to the same period in 2023, which amounted to 283.9 billion riyals.

This is due to the government’s continued provision of social support to the beneficiaries, in addition to continuing to develop the level of public service services provided to citizens and residents, and continuing to implement the number of projects and strategies that are on the achievement of positive structural changes that lead to the expansion and promotion of economic base.

The total public debt until the end of the first quarter of the year 2024 AD was about 1,115.8 billion riyals, of which 665.0 billion riyals was internal debt, and 450.8 billion riyals was external debt. The Kingdom also has a good percentage of government reserves that enable it to confront financial and economic shocks.

The deficit at the end of the first quarter of 2024 amounted to about 12.4 billion riyals, compared to the deficit recorded at the end of the first quarter of 2023, which amounted to about 2.9 billion riyals, as a result of the government’s tendency to adopt expansionary spending to implement strategies and projects, as the deficit percentage is limited and was financed through debt issuances.