{"id":94420,"date":"2025-02-16T00:00:00","date_gmt":"2025-02-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/16\/saudi-records-sar-57-7-bn-budget-deficit-in-4q-2024\/"},"modified":"2025-02-16T00:00:00","modified_gmt":"2025-02-16T00:00:00","slug":"saudi-records-sar-57-7-bn-budget-deficit-in-4q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/16\/saudi-records-sar-57-7-bn-budget-deficit-in-4q-2024\/","title":{"rendered":"Saudi records SAR 57.7 bn budget deficit in 4Q 2024"},"content":{"rendered":"

<\/strong>The state b<\/strong>udget c<\/strong>losed with a <\/strong>SAR 57.7 b<\/strong>n deficit in 4Q 2024<\/strong>, widening from SAR 30.2 bn<\/a>in 3Q<\/a><\/a>, according to the Finance Ministry\u2019s quarterly budget performance report (pdf)<\/a>. Total government revenues shrunk 15% y-o-y to SAR 302.9 bn during the quarter, while expenditure fell 9% to SAR 360.5 bn.<\/p>\n

On an annual basis:<\/strong> The Kingdom recorded a budget deficit of SAR 115.6 bn during 2024, compared to SAR 81 bn in 2023, far exceeding the government\u2019s earlier forecasts in June 2024<\/a> at SAR 79 bn. Government expenditures came in at SAR 1.37 tn, with revenues clocking in at SAR 1.26 tn.<\/p>\n

REFRESHER- <\/strong>The Kingdom is willing to accept modest fiscal deficits<\/a> as the price of pursuing long-term diversification goals. The budget deficit is expected to come in at 2.3% of GDP (SAR 101 bn) in 2025<\/a> and to \u201ccontinue at similar levels over the medium term\u201d as the Saudi state continues to invest heavily in the diversification agenda. The government is also mindful of staying clear of \u201coverheating\u201d<\/a> the national economy, despite the ramp-up in public spending.<\/p>\n

\n

THE BREAKDOWN-<\/p>\n

Oil revenues accounted for some 56% of total government income in 4Q 2024<\/strong>, at a total of SAR 170.85 bn \u2014 declining 31% y-o-y. Meanwhile, non-oil revenues made up the remaining 44%, coming in at a combined SAR 132 bn, up 21% compared to the same period last year.<\/p>\n

T<\/strong>otal expenditures for 4Q 2024 fell 9% y-o-y to SAR 360.5 bn<\/strong>, with most sectors seeing declines in public spending, except for subsidies (up 55% y-o-y), financing expenses (up 23%), and employee compensation (up 4%). Non-financial assets saw the largest y-o-y decline in government spending (down 43%), followed by grants (down 35%). Meanwhile, employee compensation comprised the lion\u2019s share of public spending at SAR 146.3 bn.<\/p>\n

T<\/strong>he Kingdom\u2019s biggest expenses and moneymakers i<\/strong>n 2024:<\/strong> Oil revenues marginally increased to SAR 756.6 bn in 2024, accounting for 61% of total government income. Non-oil revenues made up the remainder, increasing 10% y-o-y to a combined SAR 502.47 bn. Meanwhile, total expenditure rose 6% y-o-y to SAR 1.37 tn in 2024. Employee compensation clocked in at SAR 562.3 bn \u2014 the largest line item during the period \u2014 followed by goods and services usage at SAR 313 bn, and non-financial assets at SAR 190.7 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total expenditure for 4Q 2024 fell 9% y-o-y to SAR 360.5 bn<\/p>\n","protected":false},"author":1,"featured_media":94421,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,273],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-finance-ministry","wpautop","entry"],"acf":{"mongo_id":"06620677-bc7e-4dc3-ba7b-5c00075f4fcb","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/355.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi records budget deficit widens in 4Q 2024, full-year deficit exceeds forecasts","related_issue":[94415],"teaser":"Total expenditure for 4Q 2024 fell 9% y-o-y to SAR 360.5 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.0db7fa86-58f8-4f75-9f07-7e0d1657f309.mp3"},"yoast_head":"\nSaudi records SAR 57.7 bn budget deficit in 4Q 2024 - 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