DUBAI: Saudi Arabia posted a fiscal deficit of 115.625 billion riyal ($30.83 billion) in 2024, as total spending increased 6% from the previous year while oil revenue rose to 756.6 billion riyals, according to finance ministry data.

The kingdom, the world's top oil exporter, is pouring hundreds of billions of dollars into implementing its Vision 2030 economic transformation strategy, hiking spending even as revenues take a hit from lower oil production and prices.

The government had increased its total 2024 deficit estimate to 115 billion riyals from 79 billion riyals, around 3% of GDP. It posted a deficit of 58 billion riyals in the nine months to September 30, more than half of which was recorded in the third quarter alone.

Total revenue last year stood at 1.26 trillion riyals, rising 4% from 2023.

Spending in the same period stood at 1.38 trillion riyals, an increase of 6% year on year,, government data showed.

Saudi Arabia is midway through its Vision 2030 economic transformation plan, putting an expanded private sector and non-oil growth at the centre of its future development agenda.

Non-oil revenue accounted stood at 502.5 billion in 2024, the finance ministry data showed.

In the fourth quarter, the budget deficit neared 57.66 billion riyals with spending in the quarter standing at 360.52 billion riyals, falling 9% from the prior year period.

Oil revenue fell to 170.9 billion riyals, a decline of 31% year-on-year, taking total revenue down by 15% in the quarter to about 303 billion riyals.

Total debt stood at about 1.22 trillion riyals at the end of 2024, the government said. ($1 = 3.7505 riyals) (Reporting by Nayera Abdallah, additional reporting by Jana Choukeir and Yomna Ehab; Writing by Rachna Uppal, Editing by Sharon Singleton and Angus MacSwan)