Fiscal Balance in Saudi Arabia
Saudi Arabia's fiscal deficit from 2013 to 2022 mirrored global oil market trends and domestic economic reforms. Early in the decade, high oil prices facilitated budget surpluses, but the mid-decade oil price crash led to significant deficits. Investments as part of the Vision 2030 reform plan, aimed at economic diversification, also impacted fiscal dynamics. The COVID-19 pandemic intensified fiscal pressures, but by 2022, rising oil prices and ongoing reforms to spur non-oil sector growth saw the fiscal balance return to surplus.
The fiscal balance in Saudi Arabia averaged -4.4% of GDP in the decade to 2022, above the Middle East & North Africa's average of -5.1% of GDP. The fiscal balance in 2022 was 2.5% of GDP. For more fiscal balance information, visit our dedicated page.
Saudi Arabia Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Saudi Arabia from 2016 to 2015.
Source: Macrobond.
Saudi Arabia Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -4.2 | -10.7 | -2.2 | 2.5 | -2.0 |
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