Prime Highlights: 

Saudi Arabia’s total government revenues in 2024 reached SR1.26 trillion ($336 billion), marking a 4% year-on-year increase, exceeding budget estimates by 7%. 

Non-oil revenues contributed significantly, accounting for 40% of total revenues, amounting to SR502.47 billion, a 9.78% increase from 2023. 

Oil revenues decreased slightly to SR756.62 billion, representing 60% of total revenues, due to Saudi Arabia’s commitment to OPEC+ production cuts. 

Key Background: 

Saudi Arabia’s total government revenues reached SR1.26 trillion ($336 billion) in 2024, reflecting a 4 percent increase from the previous year. This performance surpassed initial budget expectations by 7 percent, according to the latest report from the Ministry of Finance. Non-oil revenues played a pivotal role in this growth, accounting for 40 percent of total revenues and reaching SR502.47 billion, a 9.78 percent increase year-on-year. Taxes on goods and services emerged as the largest contributor to non-oil income, comprising 57.5 percent of the total, followed by other key sources such as non-tax revenues and taxes on income and trade. 

Despite a slight decline in oil revenues, which accounted for 60 percent of total income in 2024, Saudi Arabia’s fiscal position remains strong. Crude oil and petroleum product revenues totaled SR756.62 billion, down from the previous year due to Saudi Arabia’s adherence to OPEC+ production cuts aimed at stabilizing global markets. This decline was offset by the rise in non-oil income, underlining the country’s ongoing economic diversification under Vision 2030. 

Total government spending in 2024 reached SR1.37 trillion, marking a 6 percent increase year-on-year. The Kingdom continued to invest heavily in infrastructure, economic diversification, and social development. While the budget deficit widened to SR115.63 billion, it remained in line with projections and manageable relative to GDP. 

Saudi Arabia’s fiscal strategy, including prudent debt management and diversified financing through sukuk and bond issuances, positions the country for sustained long-term growth. Public debt rose to SR1.22 trillion in 2024, supporting large-scale Vision 2030 initiatives. Despite global uncertainties, Saudi Arabia remains on track to foster regional and global economic growth.