KSA’s revenue rises to $336b as non-oil income surges

RIYADH, Feb 15 (Arab News): Saudi Arabia's total government revenues reached SR1.26 trillion ($336 billion) in 2024, marking a 4 per cent increase from the previous year and exceeding the initial budget estimates by 7 per cent, the latest official data showed.
According to the budget performance report released by the Ministry of Finance on Thursday, total expenditures stood at SR1.37 trillion, reflecting a 6 per cent annual increase, while the budget deficit widened to SR115.63 billion - up 43 per cent from 2023 but in line with projections.
The rise in revenues was primarily fueled by a surge in non-oil income, which accounted for 40 per cent of total revenues and reached SR502.47 billion, reflecting a 9.78 per cent year-on-year increase.
Taxes on goods and services accounted for the largest portion of non-oil revenues, comprising 57.5 per cent of the total and increasing by 10.03 per cent from 2023.
Other major sources included non-tax revenues at SR121.94 billion, other taxes at SR35.65 billion, taxes on income, profits, and capital gains at SR31.57 billion, and taxes on international trade and transactions at SR24.5 billion, representing a 4.88 per cent share in 2024.
Despite oil remaining the dominant revenue source, its share of total government income declined from 62.24 per cent in 2023 to 60 per cent in 2024, with revenues from crude oil and petroleum products reaching SR756.62 billion.
The decline in oil revenues in 2024 was largely attributed to Saudi Arabia's commitment to production cuts in line with OPEC+ agreements aimed at stabilizing global oil markets.