Saudi Arabia Posts $15.65 Billion Q1 Deficit Amid Falling Oil Revenues

KSA, 6 May, 2025 : Saudi Arabia reported a first-quarter 2025 budget deficit of $15.65 billion, up sharply from $3.3 billion a year earlier, as oil revenues dropped 18% to $39.95 billion, according to the finance ministry.

Total revenues declined 10% year-on-year to 263.6 billion riyals, while spending rose 5% to 322.3 billion riyals, driven by strategic investments tied to Vision 2030. Non-oil revenues edged up 2% to 113.8 billion riyals.

The deficit comes as Saudi Arabia prepares to ramp up oil production from May following OPEC+ adjustments and continues to channel significant funding into economic diversification projects. Public debt reached 1.33 trillion riyals in Q1, with the kingdom forecasting a 101 billion riyal deficit for 2025.