Saudi Arabia on Tuesday approved its budget for next year with spending of 1.31 trillion Saudi riyals ($350 billion) and an estimated deficit of 165.4 billion riyals ($44 billion), as it continues to fund its economic diversification plan.
The budget forecasts revenue of 1.15 trillion for 2026, an increase of 5.1 per cent on this year, the Ministry of Finance said. Revenue this year is estimated at 1.09 trillion riyals, a decline of around 7.8 per cent compared with previous estimates, mainly due to lower oil prices.
Spending for this year is estimated at 1.336 trillion riyals, an increase of 4 per cent on the approved budget, as a result of "the ongoing efforts to support promising sectors in order to achieve the objectives of Saudi Vision 2030, diversify the economic base, and achieve inclusive growth", the ministry said.
The government remains focused on the implementation of giga-projects and top-priority national strategies in line with the objectives of Saudi Vision 2030, the ministry said. This includes developing infrastructure, improving the quality of life and enhancing public services.
The ministry expects a budget deficit of 245 billion riyals in 2025, accounting for 5.3 per cent of GDP.
The 2026 budget was approved by Crown Prince Mohammed bin Salman, who also directed ministers and officials to commit to "implementing the programmes, strategies, and development and social
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