Saudi Arabia’s 2026 Preliminary Budget Statement
Budget ReportThe Ministry of Finance (MoF) has published the preliminary budget statement (PBS) for fiscal year 2026 and the mid-year report (MYR) with detailed estimates for 2025 budget outturns.
Q2 2025 Budget Statement: (Non-oil revenue up and spending under control)
Budget ReportThe central government recorded a fiscal deficit of SR34.5 billion in Q2-25, smaller than the SR58.7 billion deficit in Q1-25 due to higher non-oil revenue.
Q1 2025 Budget Statement: (The deficit widens due to lower oil prices)
Budget ReportThe central government recorded a fiscal deficit of SR58.7 billion in Q1-25, as revenue declined by 10 percent year-on-year due to lower oil revenue, while spending was 5 percent higher.
2025 Saudi Fiscal Budget
Budget ReportThe headline numbers in the finalized 2025 budget were almost identical to the Preliminary Budget Statement which we analysed here. The budget statement added detailed breakdowns for revenue and spending which we assess in this report.
Saudi Arabia’s 2025 Preliminary Budget Statement
Budget ReportThe Preliminary Budget Statement highlights the government’s policy to support the Kingdom’s economic transformation, while maintaining fiscal space to deal with negative shocks. The government’s fiscal position remains strong.
