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Saudi Arabia Faces $30.83 Billion Deficit Amid Spending Surge

2/14/2025

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Summary

Story summary

In 2024, Saudi Arabia faced a significant fiscal deficit of SAR 115.6 billion ($30.83 billion), driven by a 6% rise in total spending to SAR 1.37 trillion. Oil revenues reached nearly SAR 757 billion, complemented by a 10% boost in non-oil revenues to SAR 502 billion. Looking ahead, the government hopes for a modest deficit reduction in 2025, fueled by its ambitious Vision 2030 investments.

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Story summary

In 2024, Saudi Arabia faced a significant fiscal deficit of SAR 115.6 billion ($30.83 billion), driven by a 6% rise in total spending to SAR 1.37 trillion. Oil revenues reached nearly SAR 757 billion, complemented by a 10% boost in non-oil revenues to SAR 502 billion. Looking ahead, the government hopes for a modest deficit reduction in 2025, fueled by its ambitious Vision 2030 investments.