Saudi Budget Q2: Non-oil revenues keep rising to record SR 140.6 billion

The quarterly budget performance report issued by the Ministry of Finance a short while ago revealed that non-oil revenues rose during the second quarter of this year to about 140.6 billion riyals, recording an increase of 4% compared to what they were in the second quarter of 2023, which amounted to 135 billion riyals.

The data shows a 6% increase in tax revenues on goods and services to reach 70.1 billion riyals, indicating the continued improvement of the Kingdom’s economic situation in light of the remarkable activity witnessed by the local market in all fields.

According to the data, taxes on goods and services represent about 50% of non-oil revenues, followed by other revenues, which increased significantly to about 27.6 billion riyals, an increase of 13% over the same period last year.

As for taxes on income, profits and capital gains, they witnessed a decrease of 23% to record about 12.9 billion riyals compared to 16.7 billion riyals for the same period last year. The non-oil sector in the Kingdom has witnessed major shifts since the launch of the Kingdom’s Vision 2030 until it became a basic driver of the Saudi economy alongside the oil sector in light of the momentum witnessed by the Saudi economy in all sectors, as international institutions, most notably the International Monetary Fund and the World Bank, confirm that the strong growth of the non-oil sector around 5% greatly supports the continued recovery of the Saudi economy away from developments in global oil markets.