Politics & News

Non-Oil Revenues Reach SAR 111.512 bln in Q1 2024

The Ministry of Finance issued on Sunday the general budget performance report for the first quarter of 2024, reported Ajel.SA. The Ministry stated that the non-oil revenues in the first quarter of 2024 amounted to 111.512 billion riyals, and the oil revenues amounted to 181.922 billion riyals.

Non-oil revenues increased during the first quarter of 2024 by about 9%, representing 37% of budget revenues in the first quarter of 2024. Spending on municipal services increased by 157% during the first quarter, and spending on health and social development rose by 22%. Moreover, expenditures on the health and social development sector during the first quarter of 2024 amounted to about 60,502 billion riyals.

The Saudi General Authority for Statistics published its report for last February on Wednesday, on an annual basis, reported Ajel.SA. The report shows that non-oil exports, which include re-exports, increased by 4.4%, while national non-oil exports, excluding re-exports, decreased by 4.1%. The value of re-exported goods increased by 32.3% in the same period.

Business activity in Saudi Arabia’s non-oil private sector boomed at the end of the first quarter, according to the seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI). The activity in the sector increased significantly, hitting a six-month high, fueled by an increase in companies’ order books and new customers, the latest PMI survey data showed.

Saudi Arabia’s economy has reached a key economic milestone as the non-oil sector activities comprised 50 per cent of the country’s real GDP in 2023. This was the highest share ever recorded in the country’s economic activity.

The growth in non-oil activities during 2023 is significant due to its diversity and momentum across various sectors. Social services, including healthcare, education, and entertainment, increased by 10.8%, followed by transportation and communication (3.7%) and trade, restaurants, and hotels (7%).

Related Topics:

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Saudi Non-Oil Exports Increase by 4.4% Last February

Saudi Arabia’s Non-Oil Exports Increase by 0.8% in January

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