Saudi Arabia approves 2024 budget estimates SAR 1.2 trillion revenue

16/01/24

Saudi Arabia recently approved its 2024 state budget with estimated total revenues at SAR 1.2 trillion (USD 312.5 billion) according to the Saudi Press Agency (SPA).

The budget is aligned with the Kingdoms Vision 30 and the government has committed to continue implementing structural and economic reforms. As a result, this will further boost sustainable economic growth and continue to improve public services for citizens, residents and visitors.

Total expenditure in the Arab world’s largest economy was projected at SAR 1.3 trillion (USD 333 billion). In terms of oil revenues SAR 752 billion (USD 200 billion) is forecast while non oil GDP growth was set at 5.9%. Moreover, the G20 member will spend SAR 269 billion (USD 71.7 billion) on its military in 2024, slightly higher than the SAR 259 billion budgeted in 2023.

In addition, the Saudi Finance Ministry has forecasted economic growth at 4.4% which is a huge increase from the estimated 0.03% in 2023.

A key Vision 30 strategy is to diversify the economy to reduce the current reliance on oil . As a result, considerable resources are being invested in developing the tourism, mining and digital sectors while also enhancing partnerships with the private sector. Such efforts will enable the labour market to accommodate more Saudi nationals, create an increased number of job opportunities and reduce unemployment rates. Furthermore, a huge priority is to attract and increase both foreign and local investment in the short and long term time frames.

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