Saudi Arabia's deficit decreases amid record spending
Saudi Arabia achieved its highest financial revenues in two years during the second quarter of 2026, thanks to rising oil prices amid the war, which led to a 12% year-over-year increase to 339 billion riyals. Oil revenues surged by 22% to 185 billion riyals, marking the highest level in seven quarters, while non-oil revenues grew by 3% to 154 billion riyals, the highest since 2016. Despite an 11% increase in spending to 373 billion riyals for project development and economic growth support, the rise in revenues resulted in the budget deficit shrinking to its lowest point in seven quarters at 34 billion riyals.
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