Saudi Arabia’s non-oil revenues increase by 11% in 2023

RIYADH: Saudi Arabia’s non-oil revenues jumped 11 percent year on year in 2023 to reach SR457.7 billion ($122 billion), according to figures issued by the Finance Ministry on Wednesday.

The actual results of the budget for 2023 revealed a 13 percent increase in spending on health and social development during 2023.

The Kingdom’s actual revenues totaled SR1.212 trillion, 2 percent higher than the ministry’s estimates whereas the actual expenditures were recorded at SR1.29 trillion, almost 1.4 percent lower than the official projections.

According to the ministry’s report, Saudi Arabia’s oil revenues amounted to SR754.6 billion in 2023.

The fiscal year ended with an actual deficit of SR81 billion, which was slightly lower than the ministry’s earlier estimate of SR82 billion.