May 06, 2024 (MENAFN via COMTEX) --
(MENAFN) The Saudi Ministry of Finance has released its fiscal data for the first quarter of 2024, revealing a mixed picture of revenues and expenses. According to the ministry's statement issued on Sunday, revenues for the period totaled 293.4 billion riyals (USD78.2 billion), while expenses amounted to 305.8 billion riyals. Notably, oil revenues accounted for a significant portion of the total, reaching 181.922 billion riyals, while non-oil revenues stood at 111.5 billion riyals.
Despite efforts to bolster revenue streams, the Kingdom faced a deficit in its budgetary balance for the first quarter, as public spending exceeded total revenues. The shortfall underscores the ongoing challenges posed by fluctuations in oil prices and the broader economic landscape. It is worth noting that the preliminary data released by the Saudi Ministry of Investment in February indicated a surplus of 60 billion riyals (USD16 billion) in the fourth quarter of 2023. This apparent improvement may have been driven by a decrease in government spending, which saw a notable decline of 40.7 percent.
Looking ahead, Saudi Arabia continues to grapple with the implications of its fiscal policy decisions. In December of the previous year, the Saudi Ministry of Finance outlined the general budget data for 2024, projecting expenditures of 1.25 trillion riyals and revenues of 1.17 trillion riyals. This forecast implied an anticipated deficit of approximately 79 billion riyals. As the Kingdom navigates economic uncertainties and strives to achieve fiscal stability, policymakers face the challenge of balancing expenditure priorities with revenue generation efforts. The release of the first-quarter fiscal data serves as a barometer for assessing the Kingdom's fiscal performance and informs strategic decisions aimed at achieving long-term financial sustainability.â??
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