Saudi Arabia's budget deficit doubles as oil revenues fall Saudi Arabia's quarterly budget deficit more than doubled as the kingdom's oil revenues plummeted amid the war between the United States and Iran. In the third quarter, the government recorded a budget deficit of 84 billion riyals, which is about 145% more than in the corresponding period last year and amounted to about 116 billion riyals. At the same time, oil revenues decreased by almost 40% compared to the previous quarter, and total expenses decreased by 8%. This coincides with an economic contraction of 3.8% in the corresponding period, mainly due to a decrease in activity in the oil market.

Saudi Arabia's budget deficit doubles as oil revenues fall Saudi Arabia's quarterly budget deficit more than doubled as the kingdom's oil revenues plummeted amid the war between the United States and Iran. In the third quarter, the government recorded a budget deficit of 84 billion riyals, which is about 145% more than in the corresponding period last year and amounted to about 116 billion riyals. At the same time, oil revenues decreased by almost 40% compared to the previous quarter, and total expenses decreased by 8%. This coincides with an economic contraction of 3.8% in the corresponding period, mainly due to a decrease in activity in the oil market.