The Saudi Ministry of Finance announced that budget revenues in the first quarter of 2024 amounted to 293 billion riyals, while expenditures reached 305.8 billion riyals. According to data from the Ministry of Finance, Saudi budget oil revenues were recorded at 182 billion riyals in the first quarter of 2024. Non-oil revenues increased by 9% to 111.5 billion riyals. The Saudi budget recorded a deficit of 12.4 billion riyals in the first quarter.
It is worth noting that the total projected deficit for the Saudi budget in 2024 is 79 billion riyals. According to previous estimates from the Saudi Ministry of Finance, the expected total expenditures in the current year are 2.251 trillion riyals, with revenues expected at 1.172 trillion riyals, resulting in a projected deficit of 79 billion riyals, which equates to 1.9% of GDP.
The Saudi economy is expected to grow by 4.4%, continuing to rise in 2025 to 5.7%, and 5.1% in 2026. The Saudi Ministry of Finance also anticipates that the inflation rate will decline to 2.2% in 2024, down from the 2.6% expected in 2023, and will drop below 2% in 2026.
The 2023 budget estimated revenues at approximately 1.193 trillion riyals and expenditures at around 1.275 trillion riyals, with a deficit of 82 billion riyals, representing 2% of GDP. These figures align with a preliminary statement issued by the Ministry of Finance in October 2023, indicating that the deficit would continue until 2026, which is linked to ongoing capital spending and economic stimulation.
The Head of Research at Al Rajhi Capital previously projected in an interview with "Al Arabiya Business" that the oil price in the Saudi budget for 2024 would be around 80 dollars per barrel. Al-Sudairy clarified that exceptional distributions by Aramco, related to performance, would not be affected by oil prices as they are distributed over six quarters.
