Saudi Arabia’s revenue rises to $336bn in 2024 as non-oil income surges .

 Saudi Arabia’s total government revenues reached SR1.26 trillion ($336 billion) in 2024, marking a 4 percent increase from the previous year and exceeding the initial budget estimates by 7 percent, 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 percent annual increase, while the budget deficit widened to SR115.63 billion — up 43 percent 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 percent of total revenues and reached SR502.47 billion, reflecting a 9.78 percent year-on-year increase. 

Taxes on goods and services accounted for the largest portion of non-oil revenues, comprising 57.5 percent of the total and increasing by 10.03 percent 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 percent share in 2024.  

Despite oil remaining the dominant revenue source, its share of total government income declined from 62.24 percent in 2023 to 60 percent in 2024, with revenues from crude oil and petroleum products reaching SR756.62 billion. 

Source: ARABNEWS