Saudi Arabia: Non-Oil Activities Make up 49.7% of Revenue
Non-oil income accounted for 49.7% of total revenues during the quarter, highlighting continued efforts to diversify the economy away from hydrocarbons.
Overall revenues reached 301.60 billion riyals ($80.4 billion), while expenditures amounted to 336.13 billion riyals ($89.6 billion), resulting in a quarterly budget deficit of 34.53 billion riyals ($9.2 billion).
Oil revenues fell sharply by 29% year-on-year to 151.7 billion riyals in Q2.
Tax revenues posted broad-based gains. Income, profit, and capital gains taxes rose 7% to 13.73 billion riyals. Taxes on goods and services also climbed 7%, reaching 74.95 billion riyals.
Trade and international transaction taxes jumped 16% to 6.32 billion riyals, while other taxes increased 6% to 25.99 billion riyals. Miscellaneous non-tax revenues grew 4% to 28.87 billion riyals.
Government spending in the second quarter declined 9% from a year ago, falling to 336.13 billion riyals from 368.93 billion riyals.
In the first half of 2025, Saudi Arabia posted revenues of 565.21 billion riyals ($150.7 billion) and expenditures of 658.45 billion riyals ($175.5 billion), leaving a fiscal shortfall of 93.24 billion riyals ($24.8 billion).
Non-oil revenues during the six-month period stood at 263.67 billion riyals, while oil revenues totaled 301.54 billion riyals.
Spending during the first half declined 2% compared with the same period last year, when it reached 674.75 billion riyals.
Meanwhile, the Kingdom's general reserve rose to 396.95 billion riyals by the end of H1 2025, and the current account held 102.59 billion riyals.
Saudi Arabia's public debt climbed to nearly 1.39 trillion riyals by mid-2025, including 871.30 billion riyals in domestic debt and 515.14 billion riyals in external borrowing.
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