Economy Spending pushes Saudi fiscal deficit to $31bn in 2024 By Pramod Kumar February 14, 2025, 11:24 AM Alamy via Reuters Saudi Arabia has increased its expenditure as it builds towards the Vision 2030 transformation plan 50% higher than original projection Non-oil revenue up 10% Lower deficit predicted for 2025 Saudi Arabia’s fiscal deficit reached SAR116 billion ($31 billion) in 2024, driven by a 6 percent rise in expenditure, according to the ministry of finance. The deficit was in line with revised predictions made in September but roughly 50 percent higher than the SAR79 billion ($21 billion) projected at the start of the fiscal year. Increased expenditure comes at a time of high spending across the kingdom on infrastructure giga-projects in support of Saudi Vision 2030 diversification targets. The economy minister, Faisal Alibrahim, speaking at an event in Riyadh on Thursday, said that infrastructure investments are expected to reach $1 trillion by 2030. Oil revenues rose marginally to SAR757 billion last year, while non-oil revenues rose 10 percent year on year to SAR502 billion, the ministry said. Total debt stood at SAR1.2 trillion at the end of 2024, the ministry said. The finance ministry has projected that the deficit will shrink slightly in 2025 to SAR101 billion ($27 billion) after spending cuts across different sectors, including defence. ‘Few other nations have dared to attempt this’ Saudi Arabia’s biggest bank wants wealthy depositors back Saudi Arabia welcomes private funds for $64bn logistics projects In January, the National Debt Management Centre said the kingdom will need estimated funding of SAR139 billion in 2025 to cover both the deficit and SAR38 billion in debt servicing. Saad Thaqfan, a member of the Saudi Economic Association, told AGBI that Saudi Arabia is expected to overshoot spending in 2025 as it has done in previous years because it needs to fund growing Vision 2030 development requirements.
