Saudi Gazette report

RIYADH — The Ministry of Finance has revealed on Wednesday the budget for the second quarter of 2024. Non-oil revenues increased by 26.09% to SR140.6 billion, compared to SR111.51 billion in the first quarter of the year, marking an increase of SR29.09 billion.

Oil revenues also rose by 17.08%, surpassing the SR200 billion mark, reaching SR212.99 billion in the second quarter compared to SR181.92 billion in the first quarter.

The budget deficit for the second quarter stood at SR15.34 billion, bringing the total deficit for the first half of the year to SR27.73 billion. The deficit was financed through debt, without tapping into government reserves.

Expenditures in the second quarter rose by 15%, amounting to SR368.93 billion, compared to SR320.09 billion in the first quarter.

Expenditures included employee compensations totaling SR139.85 billion, use of goods and services amounting to SR75.56 billion, non-financial assets at SR64.96 billion, social benefits at SR39.21 billion, other expenses at SR24.22 billion, subsidies at SR12.98 billion, and financing expenses at SR10.78 billion.

Non-oil revenues were diversified across several sectors, with taxes on goods and services reaching SR70.13 billion, other classified revenues at SR27.66 billion, other taxes at SR24.51 billion, taxes on income, profits, and capital gains at SR12.85 billion, and taxes on trade and international transactions at SR5.46 billion.