Saudi Arabia posts $3.3 billion deficit in Q1

Saudi Arabia has announced a budget deficit of 12.39 billion Saudi Riyals (3.30 billion US dollars) in the first quarter of 2024.

The quarterly budget performance report, released by the Saudi Ministry of Finance on Sunday, revealed that revenues reached 293.43 billion Saudi Riyals and expenditures amounted to 305.82 billion Saudi Riyals.

Oil revenues, amounting to 181.92 billion Saudi Riyals, increased by 2.0 per cent compared to the same period last year, leading the state's revenue sources. Non-oil revenues, totaling 111.51 billion Saudi Riyals, saw a 9.0 per cent growth compared to the same period last year, reports Xinhua.

The Saudi cabinet approved the state budget for 2024 in December last year, which includes an estimated deficit of 97 billion Saudi Riyals.