https://arab.news/r42mk
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 rise in non-oil revenues was attributed primarily to a notable 48 percent increase in taxes on income, profits, and capital gains.
Taxes on goods and services accounted for the majority of non-oil revenues, representing 57 percent or SR262.47 billion.
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.
The fiscal year ended with an actual deficit of SR81 billion, which was slightly lower than the ministry's earlier estimate of SR82 billion.
The Kingdom’s public debt increased by 6.1 percent to nearly SR 1.05 trillion in 2023, from SR990.08 billion by the end of 2022.