Saudi Arabia approves 2024 budget, estimates total revenues at $312 billion

Saudi Arabia approved its state budget for 2024, which estimated total revenues at 1.172 trillion riyals ($312.48 billion) in 2024, the official Saudi Press Agency (SPA) reported.

Total expenditure was projected at 1.251 trillion riyals ($333 billion) next year.

The approved budget forecasts a fiscal deficit next year of 79 billion riyals ($21.07 billion).

Public debt is forecast to reach 1.103 trillion riyals ($294.09 billion), or 25.9 percent of gross domestic product (GDP) in 2024, according to figures released by the finance ministry on Wednesday, up from an estimated 1.024 trillion riyals in 2023.

Economic growth in the G20 member and the Arab world’s biggest economy, is forecast to rebound to 4.4 percent next year from an estimated 0.03 percent in 2023, the ministry said.

The Kingdom would spend 269 billion riyals ($71.72 billion) on its military in 2024, up from 259 billion riyals that was budgeted for 2023, a statement from the ministry showed.

The ministry also said that total revenues would reach 1.193 trillion riyals ($318.08 billion) in 2023, with oil revenues expected to stand at 752 billion riyals ($200 billion).

Total expenditure was forecast at 1.275 trillion riyals ($339 billion) this year, the ministry said, adding non-oil GDP growth was set to be 5.9 percent.

Praising the Kingdom’s achievements since the launch of Vision 2030, Saudi Crown Prince Mohammed bin Salman commented on the approval of the budget saying the government will continue to implement structural reforms to further boost the rate of sustainable economic growth and pave way for a better future.

He added that the increase in spending is “mainly due to the government’s keenness to continue [improving] public services provided to citizens, residents and visitors,” according to SPA.

Underscoring the importance of enhancing the partnership with the private sector to empower it in playing its role in achieving economic diversification, MBS said efforts will continue “to enable the labor market to accommodate more Saudi workforce, create job opportunities and reduce unemployment rates among Saudi nationals.”

The Crown Prince reaffirmed the Kingdom’s determination on the short and long terms to continue boosting its status as a base for local and foreign investments, and to diversify the economy through the development of various sectors.