The report shows that although income came at SR309 billion, the third quarter saw overall expenditures approach SR 339 billion. Rising global oil prices drove Saudi oil income by 16% for the first nine months of the year; non-oil revenues showed a more meager 6% gain as part of the Kingdom's efforts at economic diversification.

Saudi oil sales in the third quarter alone came at SR191 billion; non-oil revenues made SR118 billion. With total income of SR956 billion and expenditures above SR1 trillion, these findings resulted in a cumulative deficit of SR58 billion in the first three quarters of 2024. Reflecting Saudi Arabia 's dedication to maintaining development while controlling financial difficulties, the country's national debt by the end of September 2024 had risen to around SR1.158 trillion.

The data of the Ministry also revealed that the budget for the first half of 2024 concluded with an SR28 billion deficit, a notable share (35%) of the SR79 billion expected for the year. Saudi Arabia's oil income in H1 2024 was SR395 billion, a 10% rise over the same period in 2023; non-oil revenues rose by 6%, totaling SR252 billion. This continuous increase in oil income emphasizes the important part the industry plays in the national economy even while Saudi Arabia aims to lessen its reliance on oil by boosting other economic sectors.

Saudi Arabia had an SR15.3 billion quarterly deficit in Q2 2024 when it recorded SR353 billion in income versus SR369 billion in expenses, Reflecting good momentum in the Kingdom's economic diversification program, non-oil income soared by 27% to SR140 billion while oil revenue during this period rose by 17% from Q1 2024, totaling SR213 billion.

With hopes of a 4.4% GDP rise in 2024, followed by 5.7% in 2025 and 5.1% in 2026 Saudi Arabia expects consistent economic growth ahead. From 2.6% in 2023 to 2.2% in 2024, the Ministry of Finance also expects a slow down in inflation; further reductions to less than 2% by 2026. This pattern fits Saudi Vision 2030, the long-term economic plan of the Kingdom emphasizing varied income streams and sustainable development.

Saudi Arabia's preliminary budget for fiscal year 2025 shows a 2.3% of GDP projected deficit together with planned total expenditure of SR1,285 billion and expected revenues of SR1,184 billion. With a more strong 4.6% growth in 2025 as different economic sectors continue to flourish, the Kingdom also projects a meager 0.8% real GDP increase for 2024.

Saudi Arabia's Q3 2024 financial figures show a mixed economic picture with strong development in the non-oil and oil sectors but a continuous deficit brought on by high spending targets. Strategic emphasis on fiscal balance, economic diversification, and inflation control by the Kingdom on these issues highlights its dedication to long-term stability and expansion, These financial policies will be essential in forming a more resilient and diversified economy, less dependent on oil earnings, as Saudi Arabia keeps expanding new sectors.

Saudi Arabia Non-Oil Revenues Rise 6% Amid SR30 Billion Q3 Budget Deficit

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