Saudi Arabia Reports Q2 Budget Deficit Amid Rising Oil Revenues

Saudi Arabia reported a budget deficit of 15.341 billion riyals ($4.09 billion) in the second quarter of 2024, with oil revenues increasing by 18% to 212.99 billion riyals and expenditures up by 15% to 368.932 billion riyals.

Saudi Arabia's budget deficit reached 15.341 billion riyals ($4.09 billion) in Q2 2024, according to a recent announcement by the finance ministry.

The country saw a notable rise in oil revenues, which increased by 18% to 212.99 billion riyals in the same quarter compared to the previous year. However, expenditures also saw an uptick, rising by 15% to 368.932 billion riyals.

This financial update highlights the ongoing economic challenges faced by the nation despite the surge in oil income. ($1 = 3.7518 riyals)