State Budget Resources Reach 12,000 Mtnd in Q1 2024, a 12.8% Increase

According to the provisional results of the budget execution up to March 2024, published by the Ministry of Finance, the state's budget resources have reached 12,000 Mtnd in the first quarter of 2024, representing a 12.8% increase compared to the same period last year.

Tax Revenues Drive Growth

This growth is driven by a 6.5% increase in tax revenues, which rose from 9,756.1 Mtnd in March 2023 to 10,392.8 Mtnd in Q1 2024.

Direct Taxes Up 14%

Direct taxes, in particular, have surged by 14% to reach 14 Mtnd. This is mainly attributed to the increase in income taxes, which dominated this category with 3,042.8 Mtnd, followed by salaries and wages at 2,191.5 Mtnd. Corporate taxes have also recorded a 29.1% increase compared to Q1 2023, generating 1,393.3 Mtnd.

Indirect Taxes Contribute 5,956.7 Mtnd

Indirect taxes have contributed 5,956.7 Mtnd, with Value-Added Tax (VAT) being the main source of revenue for the state, accounting for 2,572.3 Mtnd.

Non-Tax Revenues Up 20.8%

Non-tax revenues have also seen a significant increase, totaling 1,156.5 Mtnd in Q1 2024, representing a 20.8% growth. Participation revenues accounted for more than half of this amount, with 868.2 Mtnd, while Gazoduc Algerien royalties represented only 80.7 Mtnd of this sum.