Saudi Arabia posts Q1 2024 budget deficit of $3.3bn, due to lower oil revenues and increased spending.

Saudi Arabia posted a budget deficit of $3.3bn in Q1 2024, with lower oil revenues and increased spending impacting the economy, according to the finance ministry. The deficit stands at 12.387bn riyals ($3.3bn), over four times higher than the previous year. This follows the country's need to invest in giga-projects aimed at diversifying the economy and reducing its reliance on oil.

May 05, 2024
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