Saudi Arabia Macroeconomic Developments
- Saudi Arabia’s non-oil revenues jumped 11 percent YoY in 2023 to reach SAR457.7 billion ($122 billion), according to figures issued by the Finance Ministry. 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 SAR262.47 billion ($70 billion).
- Saudi Arabia’s international reserve assets climbed 0.5 percent MoM to SAR1.64 trillion ($437 billion) in January 2024, according to SAMA. On a yearly basis, the Kingdom’s foreign reserve assets fell by 4 percent, or SAR70 billion ($18.7 billion).
- Saudi Arabia added nearly SAR15 billion ($4 billion) to its U.S. Treasury holdings by the end of 2023, taking its stockpile to the highest level since early 2021. The amount stood at nearly SAR495 ($132 billion) in December, according to the latest figures from the Treasury Department.
