Saudi Arabia's fiscal performance is closely tied to oil price fluctuations. Periods of high oil revenues led to substantial surpluses, peaking at 29.8% in 2008. However, the 2014 oil price collapse caused deficits to deepen, reaching -15.5% in 2015.
The COVID-19 pandemic further strained finances, with a deficit of -10.7% in 2020. Recent recovery efforts, supported by rising oil prices and fiscal reforms, have returned the balance to a surplus of 2.5% in 2022, though future deficits of around -2.5% are forecast by 2029.
The COVID-19 pandemic further strained finances, with a deficit of -10.7% in 2020. Recent recovery efforts, supported by rising oil prices and fiscal reforms, have returned the balance to a surplus of 2.5% in 2022, though future deficits of around -2.5% are forecast by 2029.
For additional information, visit statistics on Saudi Arabia’s government debt (as a percentage of GDP), Saudi Arabia’s agriculture share in GDP, Saudi Arabia’s goods trade balance.
