On September 30, 2024, the Saudi Ministry of Finance released preliminary figures for the 2025 budget, projecting total revenues of approximately 1.184 trillion riyals ($315.7 billion). This marks a decrease from the 2024 projection of 1.237 trillion riyals ($330 billion).

In a statement, the Ministry indicated that estimated expenditures for the coming year will amount to 1.285 trillion riyals ($342.7 billion), resulting in a budget deficit of 101 billion riyals ($26.9 billion), which represents 2.3% of the country’s GDP, according to the Saudi Press Agency (SPA).

For the current fiscal year, Saudi Arabia had estimated expenditures at about 1.355 trillion riyals ($361.3 billion), with a projected deficit of 118 billion riyals ($31.5 billion).

The ministry also forecasted that the local economy will grow by 0.8% this year, with an acceleration to 4.6% expected in 2025, as outlined in the budget statement.

In numerical terms, the ministry anticipates the GDP will reach approximately $1.19 trillion this year, rising to $1.160 trillion by 2025.

Additionally, the non-oil sector is expected to grow by 3.7% by the end of 2024, with projections for an increase to 4.6% in 2025, driven by anticipated higher oil production from the OPEC+ alliance.

Saudi Arabia, as the largest crude oil producer in OPEC, typically averages daily production of around 11 million barrels and is the world’s largest exporter of crude, with an average daily export of 7.4 million barrels.