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Saudi Arabia’s non-oil revenues up by 9% in Q1 of 2024

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Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said.

Oil revenues rose 1.9 percent as compared to the first quarter of 2023 © Mena Today 

Saudi Arabia’s non-oil revenues rose by 9 percent to reach SR111.51 billion ($29.73 billion) in the first quarter of 2024 as compared to the same period in 2023, the Ministry of Finance said.

In its quarterly budget performance report, the ministry said the Kingdom posted total revenues of SR293.43 billion in the same quarter, while its public spending amounted to SR305.82 billion.

According to official data, total revenues increased 4 percent as compared to Q1 of 2023.

In the first quarter of the current year, the Kingdom posted a budget deficit of SR12.39 billion with oil revenues reaching SR181.92 billion.

The report added that oil revenues rose 1.9 percent as compared to the first quarter of 2023.

The Kingdom allocated SR26.79 billion for municipal services in the first quarter of 2024, up 157 percent as compared to the same period in 2023.

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