Economic updates
Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
2025 Saudi Fiscal Budget
Budget reportThe headline numbers in the finalized 2025 budget were almost identical to the Preliminary Budget Statement which we analysed here. The budget statement added detailed breakdowns for revenue and spending which we assess in this report.
Saudi Arabia’s Balance of Payments: (The Current Account Surplus Narrows, but Financial Account Cushions FX Reserves)
Special reportIn H1-24, the current account remained in surplus, at $12.7 billion, equivalent to 2.3 percent of GDP. The trade surplus will narrow further in H2-24 given lower oil prices, while the transfers deficit could widen given the rise in expatriate workers. These dynamics point to a smaller current account surplus in H2-24.
