Saudi Arabia's Q4 2024 Budget Deficit Surges

Saudi Arabia reported a significant budget deficit of 57.7 billion riyals in Q4 2024, marking an increase from the previous quarter. The decline in oil revenues by 31% year-on-year contributed to this financial gap. The de facto OPEC leader's oil revenues were 170.8 billion riyals.

Saudi Arabia experienced a notable budget deficit of 57.7 billion riyals in the fourth quarter of 2024, a figure that highlights fiscal challenges compared to the previous quarter's deficit of 30.2 billion riyals. This was reported by Asharq TV on Thursday.

The kingdom, a leading figure in OPEC, witnessed its oil revenues fall to 170.8 billion riyals during this period, representing a 31% drop compared to the same quarter in the previous year.

With these figures, Saudi Arabia navigates a complex economic landscape influenced by fluctuating oil markets and global economic conditions, as noted by Asharq TV. The currency exchange rate stood at $1 equating to 3.7505 riyals.