Saudi Arabia’s non-oil revenues rose 9% year-on-year to reach SAR111.51 billion ($29.73 billion) in the first quarter of 2024, according to data released by the Kingdom’s Ministry of Finance.
During the first three months of the year, the Kingdom posted total revenues of SAR293.43 billion, increasing 4% compared to the same period in 2023.
Suadi Arabia’s public spending during this quarter amounted to SAR305.82 billion. Military spending was recorded at SAR58.85 billion, a 16% decline from the year prior.
In the first quarter of the current year, the Kingdom posted a budget deficit of SAR12.39 billion with oil revenues reaching SAR181.92 billion.
Oil revenues rose 1.9% as compared to the first quarter of 2023.
The World Bank has predicted that the Kingdom’s economy will grow by 5.9% by 2025. The organisation indicated that Saudi Arabia has succeeded in containing inflation through strict monetary policies and significant support for food and energy.
Last year, Saudi Arabia’s non-oil activities accounted for 50% of the country’s GDP for the first time in the Kingdom’s history, according to data issued by the Ministry of Economy and Planning’s General Authority for Statistics (GASTAT).
As a result, the country’s total non-oil economy was valued at SAR 1.7 trillion($453 billion) at constant prices, driven by continued growth in investment, consumption, and exports.
