Saudi Arabia's fiscal performance is closely tied to oil price fluctuations. Periods of high oil revenues led to substantial surpluses, peaking at in 2008. However, the 2014 oil price collapse caused deficits to deepen, reaching - in 2015.
The COVID-19 pandemic further strained finances, with a deficit of - in 2020. Recent recovery efforts, supported by rising oil prices and fiscal reforms, have returned the balance to a surplus of in 2022, though future deficits of around - are forecast by 2029.
The COVID-19 pandemic further strained finances, with a deficit of - in 2020. Recent recovery efforts, supported by rising oil prices and fiscal reforms, have returned the balance to a surplus of in 2022, though future deficits of around - 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.
