Q1 2025 Budget Statement: (The deficit widens due to lower oil prices)
Budget ReportThe central government recorded a fiscal deficit of SR58.7 billion in Q1-25, as revenue declined by 10 percent year-on-year due to lower oil revenue, while spending was 5 percent higher.
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 2025 Preliminary Budget Statement
Budget ReportThe Preliminary Budget Statement highlights the government’s policy to support the Kingdom’s economic transformation, while maintaining fiscal space to deal with negative shocks. The government’s fiscal position remains strong.
2024 Saudi Fiscal Budget
Budget ReportThe government projects total expenditure for 2024 at SR1.25 trillion, which is 11 percent above the projection made in the 2023 budget, when spending was forecast to reach SR1.13 trillion next year. The projection for 2025 also rises—to 1.3 trillion, which is a substantial 15 percent higher than the forecast made last year. Despite this, the authorities expect 2024 spending to fall compared to the estimate of 2023 spending, which has been put at 1.28 trillion.
Q1 2023 Budget Statement: (Spending surge triggers small deficit)
Budget ReportThe central government recorded a small fiscal deficit of SR2.9 billion in Q1-23, driven by a 29 percent surge in spending. Revenue climbed by just 1 percent, with VAT receipts helping to offset a 3 percent drop in oil revenue.
