Fiscal Balance in Saudi Arabia
Saudi Arabia's fiscal balance over the last decade mirrored global oil market trends. The mid-2010s oil price crash led to significant deficits, which deepened further during the COVID-19 pandemic. However, a rise in oil prices and progress on economic diversification saw the fiscal deficit narrowing markedly post-pandemic relative to pre-pandemic years. 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 2024.
Source: Macrobond.
Saudi Arabia Fiscal Balance Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -10.7 | -2.2 | 2.5 | -2.0 | -2.8 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian fiscal balance projections for the next ten years from a panel of 21 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Saudi Arabian fiscal balance.
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