ALBAWABA - Saudi Arabia recorded a 18% peak in oil revenues for the second quarter of 2024. Non-oil revenues increased by 4%, compared to the same period in 2023.
Saudi Ministry of Finance said in a statement issued on Wednesday that the kingdom’s budget deficit reached 15.341 billion riyals ($4.09 billion) in the second quarter of 2024. While the first quarter of 2024 recorded a deficit of 27.727 billion riyals.
Saudi oil and non-oil revenues
As per the ministry, oil revenues hit 212.99 billion riyals in the second quarter of 2024, while non-oil revenues reached 140.602 billion riyals. Increased spending recorded a boost of 15%, hitting 368.932 billion riyals.
Non-oil revenues increased by 4%, compared to the period in 2023. (Shutterstock)
It is worth mentioning that Saudi Arabia recorded a budget deficit of 12.4 billion riyals ($3.3 billion) in the first quarter of 2024, compared to 2.9 billion riyals in the same period last year.
Saudi budget deficit expectations for 2024, 2025, and 2026
The Saudi Ministry of Finance expects the total budget deficit to reach 79 billion riyals by the end of 2024, compared to 80.946 billion riyals in 2023. Meanwhile, the Kingdom's economy is expected to record a growth of nearly 4.4% this year, 5.7% in 2025, and 5.1% in 2026.
Inflation rate is expected to decline to 2.2% by the end 2024, compared to 2.6% in 2023 as stated by the ministry. While the public debt is estimated to reach 1.103 trillion riyals by the end of 2024, compared to 1.024 trillion riyals in 2023.
