Saudi Arabia’s 2024 Revenue Rises to $336 Billion, Driven by Non-Oil Growth

Saudi Arabia’s total government revenues surged to SR1.26 trillion ($336 billion) in 2024, marking a 4 percent increase from the previous year and exceeding initial budget estimates by 7 percent, according to the Ministry of Finance’s latest report released on Thursday.

Despite this rise in revenue, total expenditures grew 6 percent year-on-year to reach SR1.37 trillion, leading to a budget deficit of SR115.63 billion—a 43 percent increase from 2023, though in line with government projections.

Non-Oil Revenues Drive Growth

Saudi Arabia’s economic diversification efforts under Vision 2030 have contributed to a significant rise in non-oil income, which accounted for 40 percent of total revenues in 2024, amounting to SR502.47 billion, a 9.78 percent increase from 2023.

Taxes on goods and services were the largest contributor to non-oil revenues, making up 57.5 percent of the total and rising by 10.03 percent year-on-year. Other key revenue sources included:

• Non-tax revenues: SR121.94 billion
• Other taxes: SR35.65 billion
• Taxes on income, profits, and capital gains: SR31.57 billion
• Taxes on international trade and transactions: SR24.5 billion

Oil Revenue Declines Amid Production Cuts

While oil remains Saudi Arabia’s primary revenue source, its share of total government income fell from 62.24 percent in 2023 to 60 percent in 2024. Revenues from crude oil and petroleum products totaled SR756.62 billion, reflecting the Kingdom’s commitment to OPEC+ production cuts aimed at stabilizing global markets.

Despite the decline in oil revenues, Saudi Arabia continues to maintain an expansionary fiscal policy, with increased government spending focused on infrastructure, economic diversification, and social development.

Government Spending and Fiscal Performance

Total government spending rose by 6 percent, reaching SR1.37 trillion. The largest expenditure categories included:

• Employee compensation: SR558.92 billion (+4%)
• Goods and services: SR311.25 billion (24% of total expenditures)
• Capital expenditures (CAPEX): SR190.6 billion (14% of total spending)

In Q4 2024, government expenditures totaled SR360.52 billion, a 9 percent decline from the same period in 2023. Total revenues for the quarter stood at SR302.86 billion, down 15 percent year-on-year due to lower oil revenues, which fell by 31 percent. However, non-oil revenues increased by 21 percent, demonstrating resilience in the Kingdom’s economic diversification efforts.

Public Debt and Fiscal Management

Saudi Arabia’s public debt rose to SR1.22 trillion by the end of 2024, a 16 percent increase from the previous year. Domestic debt accounted for 61 percent, while foreign debt made up 39 percent.

The Kingdom has strategically leveraged public debt to finance large-scale Vision 2030 projects, including infrastructure development and economic diversification initiatives. Saudi Arabia’s strong credit ratings continue to attract global investors, ensuring sustainable debt management.

Crown Prince Mohammed bin Salman reaffirmed the government’s commitment to fiscal reforms, emphasizing the importance of economic diversification and private sector empowerment as key drivers of long-term financial stability.

Despite global economic uncertainties, Saudi Arabia remains well-positioned to sustain growth and drive regional economic development through its strategic investments and prudent fiscal policies.