Saudi Arabia: a budget hostage to oil prices

Surpluses when the barrel rises, deficits when it falls: Saudi public finances since 1991, the weight of oil and Aramco dividends, VAT, the Vision 2030 projects, and a comparison with France.

CitoyenData as of Nov 12, 2026

Scope: Saudi general government (central government and social security), IMF government finance statistics, calendar years, 2018 to 2023 (the only years in this database); balance, revenue, spending and debt from 1991 to 2025 from the IMF World Economic Outlook (October 2026).

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Key points

Public spending · 2023SAR 1,457bn36.4% of GDP

Public revenue · 2023SAR 1,419bn35.4% of GDP

Deficit · 2023−SAR 38bn−0.9% of GDP

Gross public debt · end of 202323.0%of GDP

In 2023, Saudi general government spent SAR 1,457bn (36.4% of GDP) against SAR 1,419bn of revenue (35.4%): a deficit of SAR 38bn, or 0.9% of GDP. Gross debt stands at 23.0% of GDP.
Oil sets the balance: oil royalties and Saudi Aramco dividends brought in 20.0% of GDP in 2023 (10.8% + 9.2%), more than half of public revenue. When the barrel collapses, the budget dives: a deficit of 14.9% of GDP in 2015; when it soars, it overflows: a surplus of 29.8% in 2008.
Deficits are back: according to the IMF, the balance went from a surplus in 2022 to a deficit of 2.5% in 2024 and 5.8% of GDP in 2025, with revenue down to 23.3% of GDP. These figures end before the 2026 war in Iran, which moved both prices and export volumes.
From creditor to borrower: in 2013, the State held more assets than debts (net debt of −49.3% of GDP). After the 2014-2016 oil slump, it drew down its reserves, then borrowed: gross debt of 1.5% of GDP in 2014, 31.8% in 2025, net debt of 22.6%.
Diversifying revenue: VAT, created in 2018 at 5%, was tripled to 15% in July 2020. It brings in 5.0% of GDP in 2021 against 1.9% in 2019. But there is no personal income tax, and social contributions stay low (3.1% of GDP).
Compared with France, Saudi Arabia spends 19.5 points of GDP less in 2023 (36.4% against 55.9%). The gap lies in social benefits (5.7% against 25.2%); public wages, by contrast, weigh more than in France: 13.6% of GDP against 11.6%.

Revenue and spending, year by year

For each year: left bar = revenue (grey), right bar = spending (colours), stacked by type. The gap between the two bars is the deficit (or surplus). Tap a legend item to isolate it. Amounts in billions of riyals. « Other revenue » is mostly oil: royalties and Aramco dividends.

Unit

Since

Spending

Revenue

See the card:Public spending →

What widened (or narrowed) the deficit

Change of each item in points of GDP between two years, spending by nature. Spending that rises, or revenue that falls, widens the deficit (bar to the left); revenue that rises narrows it.

Compare

Public balance: −4.6% of GDP in 2018, −0.9% in 2023, a change of +3.6 points. Contribution of spending: +0.9 pt; of revenue: +2.7 pt.

Social benefits (pensions, allowances, reimbursed care)
Public employee compensation
Operating purchases
Interest on debt
Subsidies
Investment
Other transfers
Revenue

← widens the deficitnarrows it →

Detail by item · 2018 → 2023

Detail by item	Side	2018	2023	Change (pt)	Effect on balance (pt)
Operating purchases	Spending	5.39	8.05	+2.67	−2.67
Social benefits (pensions, allowances, reimbursed care)	Spending	4.94	5.72	+0.79	−0.79
Interest on debt	Spending	0.47	0.96	+0.49	−0.49
Subsidies	Spending	0.50	0.71	+0.21	−0.21
Other taxes on goods and services (excises, customs duties…)	Revenue	3.06	2.87	−0.19	−0.19
VAT	Revenue	4.06	4.24	+0.18	+0.18
Payroll, property and other taxes	Revenue	0.65	0.83	+0.19	+0.19
Corporate income tax	Revenue	0.53	0.97	+0.44	+0.44
Social contributions	Revenue	2.64	3.11	+0.47	+0.47
Investment	Spending	5.98	4.56	−1.42	+1.42
Other revenue (oil royalties, Saudi Aramco dividends, investment income…)	Revenue	21.84	23.42	+1.58	+1.58
Public employee compensation	Spending	15.28	13.58	−1.70	+1.70
Other transfers	Spending	4.77	2.79	−1.97	+1.97
Total revenue	Revenue	32.78	35.45	+2.67	+2.67
Total spending	Spending	37.33	36.39	−0.94	+0.94
Balance	Balance	-4.55	-0.95	+3.60	+3.60

The drivers

Public balance since 1991

% of GDP. Negative = deficit. Outside 2018-2023: IMF World Economic Outlook.

Balance · −5.8% (2025)

See the card:Budget balance →

Revenue and spending according to the IMF

% of GDP, IMF World Economic Outlook (actual years). Another source than the detailed accounts: revenue is lower there (different scope and treatment of Aramco).

Revenue · 23.3% (2025)
Spending · 29.1% (2025)

See the card:Public spending →

Oil in revenue

Oil royalties (rents) and dividends (Saudi Aramco), % of GDP.

Royalties · 10.8% (2023)
Dividends · 9.2% (2023)

Gross and net debt

% of GDP, IMF (World Economic Outlook), actual years. Negative net debt = the State holds more financial assets than debts.

Gross debt · 31.8% (2025)
Net debt · 22.6% (2025)

See the card:Public debt →

Public wages and investment

% of GDP.

Wages · 13.6% (2023)
Investment · 4.6% (2023)

Who runs the deficit?

Balance by level of government, % of GDP.

Central government · −1.9% (2023)
Social security · 1.0% (2023)

Saudi Arabia and France

Same IMF government finance statistics for both countries, same scope (general government), % of GDP, 2018 to 2023. Spending is compared by nature. To the right of a gap chart, Saudi Arabia is above France.

Public spending, % of GDP

Saudi Arabia · 36.4% (2023)
France · 55.9% (2023)

See the card:Public spending →

Public revenue, % of GDP

Saudi Arabia · 35.5% (2023)
France · 50.4% (2023)

Public balance, % of GDP

Saudi Arabia · −0.9% (2023)
France · −5.5% (2023)

See the card:Budget balance →

Gross public debt, % of GDP

Saudi Arabia · 23.0% (2023)
France · 106.4% (2023)

See the card:Public debt →

Revenue structure

One bar per country, stacked by type of revenue, % of GDP.

Year

Social contributions
Household income taxes
VAT
Other taxes on goods and services
Corporate income tax
Payroll, property and other taxes
Other revenue

Where Saudi Arabia raises more (or less) than France

Saudi Arabia minus France, points of GDP, same year. To the right, Saudi Arabia is above.

Saudi Arabia − France · 2023

← lowerhigher →

Spending by nature

What public money pays for: wages, social benefits, purchases, interest… Saudi Arabia pays more in wages and far less in social benefits.

Year

Social benefits (pensions, allowances, reimbursed care)
Public employee compensation
Operating purchases
Interest on debt
Subsidies
Investment
Other transfers

Saudi Arabia − France by type of spending, points of GDP

Saudi Arabia − France · 2023

Yearly data

Show the table of revenue, spending, balance and debt by year

Year	Revenue	Spending	Balance	Balance (% of GDP)	Debt (% of GDP)
2023	SAR 1,419bn	SAR 1,457bn	−SAR 38bn	−0.9%	23.0%
2022	SAR 1,493bn	SAR 1,325bn	SAR 167bn	4.0%	21.3%
2021	SAR 1,153bn	SAR 1,185bn	−SAR 32bn	−1.0%	25.5%
2020	SAR 946bn	SAR 1,204bn	−SAR 258bn	−9.4%	29.7%
2019	SAR 1,087bn	SAR 1,174bn	−SAR 87bn	−2.8%	20.3%
2018	SAR 1,041bn	SAR 1,185bn	−SAR 144bn	−4.6%	16.8%

Sources and method

IMF, Government Finance Statistics (GFS). Revenue by type, spending by nature, balance by level of government, royalties and dividends: Saudi general government, 2018–2023. France in the comparison is read from the same tables.IMF GFS (DBnomics)
IMF, World Economic Outlook (October 2026). Balance, revenue and spending from 1991 to 2025, gross and net debt, GDP deflator. Only actual years are kept: IMF estimates and projections are left out.IMF World Economic Outlook, October 2026
World Bank. Share of people aged 65 and over.World Bank SP.POP.65UP.TO.ZS
Method. Spending = expense + net investment in non-financial assets; balance = net lending or borrowing. Saudi Arabia keeps its accounts on a cash basis, without depreciation: investment is gross. Constant riyals: current riyals adjusted with the GDP deflator, which follows the oil price.
Further reading. Ministry of Finance (budget), statistics office (GASTAT), central bank (SAMA).Ministry of Finance, budget statements GASTAT Saudi Central Bank (SAMA)

Saudi Arabia: a budget hostage to oil prices

Surpluses when the barrel rises, deficits when it falls: Saudi public finances since 1991, the weight of oil and Aramco dividends, VAT, the Vision 2030 projects, and a comparison with France.

CitoyenData as of Nov 12, 2026

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Key points

Public spending · 2023SAR 1,457bn36.4% of GDP

Public revenue · 2023SAR 1,419bn35.4% of GDP

Deficit · 2023−SAR 38bn−0.9% of GDP

Gross public debt · end of 202323.0%of GDP

In 2023, Saudi general government spent SAR 1,457bn (36.4% of GDP) against SAR 1,419bn of revenue (35.4%): a deficit of SAR 38bn, or 0.9% of GDP. Gross debt stands at 23.0% of GDP.
Oil sets the balance: oil royalties and Saudi Aramco dividends brought in 20.0% of GDP in 2023 (10.8% + 9.2%), more than half of public revenue. When the barrel collapses, the budget dives: a deficit of 14.9% of GDP in 2015; when it soars, it overflows: a surplus of 29.8% in 2008.
Deficits are back: according to the IMF, the balance went from a surplus in 2022 to a deficit of 2.5% in 2024 and 5.8% of GDP in 2025, with revenue down to 23.3% of GDP. These figures end before the 2026 war in Iran, which moved both prices and export volumes.
From creditor to borrower: in 2013, the State held more assets than debts (net debt of −49.3% of GDP). After the 2014-2016 oil slump, it drew down its reserves, then borrowed: gross debt of 1.5% of GDP in 2014, 31.8% in 2025, net debt of 22.6%.
Diversifying revenue: VAT, created in 2018 at 5%, was tripled to 15% in July 2020. It brings in 5.0% of GDP in 2021 against 1.9% in 2019. But there is no personal income tax, and social contributions stay low (3.1% of GDP).
Compared with France, Saudi Arabia spends 19.5 points of GDP less in 2023 (36.4% against 55.9%). The gap lies in social benefits (5.7% against 25.2%); public wages, by contrast, weigh more than in France: 13.6% of GDP against 11.6%.

Revenue and spending, year by year

Unit

Since

Spending

Revenue

See the card:Public spending →

What widened (or narrowed) the deficit

Change of each item in points of GDP between two years, spending by nature. Spending that rises, or revenue that falls, widens the deficit (bar to the left); revenue that rises narrows it.

Compare

Public balance: −4.6% of GDP in 2018, −0.9% in 2023, a change of +3.6 points. Contribution of spending: +0.9 pt; of revenue: +2.7 pt.

Social benefits (pensions, allowances, reimbursed care)
Public employee compensation
Operating purchases
Interest on debt
Subsidies
Investment
Other transfers
Revenue

← widens the deficitnarrows it →

Detail by item · 2018 → 2023

Detail by item	Side	2018	2023	Change (pt)	Effect on balance (pt)
Operating purchases	Spending	5.39	8.05	+2.67	−2.67
Social benefits (pensions, allowances, reimbursed care)	Spending	4.94	5.72	+0.79	−0.79
Interest on debt	Spending	0.47	0.96	+0.49	−0.49
Subsidies	Spending	0.50	0.71	+0.21	−0.21
Other taxes on goods and services (excises, customs duties…)	Revenue	3.06	2.87	−0.19	−0.19
VAT	Revenue	4.06	4.24	+0.18	+0.18
Payroll, property and other taxes	Revenue	0.65	0.83	+0.19	+0.19
Corporate income tax	Revenue	0.53	0.97	+0.44	+0.44
Social contributions	Revenue	2.64	3.11	+0.47	+0.47
Investment	Spending	5.98	4.56	−1.42	+1.42
Other revenue (oil royalties, Saudi Aramco dividends, investment income…)	Revenue	21.84	23.42	+1.58	+1.58
Public employee compensation	Spending	15.28	13.58	−1.70	+1.70
Other transfers	Spending	4.77	2.79	−1.97	+1.97
Total revenue	Revenue	32.78	35.45	+2.67	+2.67
Total spending	Spending	37.33	36.39	−0.94	+0.94
Balance	Balance	-4.55	-0.95	+3.60	+3.60

The drivers

Public balance since 1991

% of GDP. Negative = deficit. Outside 2018-2023: IMF World Economic Outlook.

Balance · −5.8% (2025)

See the card:Budget balance →

Revenue and spending according to the IMF

% of GDP, IMF World Economic Outlook (actual years). Another source than the detailed accounts: revenue is lower there (different scope and treatment of Aramco).

Revenue · 23.3% (2025)
Spending · 29.1% (2025)

See the card:Public spending →

Oil in revenue

Oil royalties (rents) and dividends (Saudi Aramco), % of GDP.

Royalties · 10.8% (2023)
Dividends · 9.2% (2023)

Gross and net debt

% of GDP, IMF (World Economic Outlook), actual years. Negative net debt = the State holds more financial assets than debts.

Gross debt · 31.8% (2025)
Net debt · 22.6% (2025)

See the card:Public debt →

Public wages and investment

% of GDP.

Wages · 13.6% (2023)
Investment · 4.6% (2023)

Who runs the deficit?

Balance by level of government, % of GDP.

Central government · −1.9% (2023)
Social security · 1.0% (2023)

Saudi Arabia and France

Public spending, % of GDP

Saudi Arabia · 36.4% (2023)
France · 55.9% (2023)

See the card:Public spending →

Public revenue, % of GDP

Saudi Arabia · 35.5% (2023)
France · 50.4% (2023)

Public balance, % of GDP

Saudi Arabia · −0.9% (2023)
France · −5.5% (2023)

See the card:Budget balance →

Gross public debt, % of GDP

Saudi Arabia · 23.0% (2023)
France · 106.4% (2023)

See the card:Public debt →

Revenue structure

One bar per country, stacked by type of revenue, % of GDP.

Year

Social contributions
Household income taxes
VAT
Other taxes on goods and services
Corporate income tax
Payroll, property and other taxes
Other revenue

Where Saudi Arabia raises more (or less) than France

Saudi Arabia minus France, points of GDP, same year. To the right, Saudi Arabia is above.

Saudi Arabia − France · 2023

← lowerhigher →

Spending by nature

What public money pays for: wages, social benefits, purchases, interest… Saudi Arabia pays more in wages and far less in social benefits.

Year

Social benefits (pensions, allowances, reimbursed care)
Public employee compensation
Operating purchases
Interest on debt
Subsidies
Investment
Other transfers

Saudi Arabia − France by type of spending, points of GDP

Saudi Arabia − France · 2023

Yearly data

Show the table of revenue, spending, balance and debt by year

Year	Revenue	Spending	Balance	Balance (% of GDP)	Debt (% of GDP)
2023	SAR 1,419bn	SAR 1,457bn	−SAR 38bn	−0.9%	23.0%
2022	SAR 1,493bn	SAR 1,325bn	SAR 167bn	4.0%	21.3%
2021	SAR 1,153bn	SAR 1,185bn	−SAR 32bn	−1.0%	25.5%
2020	SAR 946bn	SAR 1,204bn	−SAR 258bn	−9.4%	29.7%
2019	SAR 1,087bn	SAR 1,174bn	−SAR 87bn	−2.8%	20.3%
2018	SAR 1,041bn	SAR 1,185bn	−SAR 144bn	−4.6%	16.8%

Sources and method

IMF, Government Finance Statistics (GFS). Revenue by type, spending by nature, balance by level of government, royalties and dividends: Saudi general government, 2018–2023. France in the comparison is read from the same tables.IMF GFS (DBnomics)
IMF, World Economic Outlook (October 2026). Balance, revenue and spending from 1991 to 2025, gross and net debt, GDP deflator. Only actual years are kept: IMF estimates and projections are left out.IMF World Economic Outlook, October 2026
World Bank. Share of people aged 65 and over.World Bank SP.POP.65UP.TO.ZS
Method. Spending = expense + net investment in non-financial assets; balance = net lending or borrowing. Saudi Arabia keeps its accounts on a cash basis, without depreciation: investment is gross. Constant riyals: current riyals adjusted with the GDP deflator, which follows the oil price.
Further reading. Ministry of Finance (budget), statistics office (GASTAT), central bank (SAMA).Ministry of Finance, budget statements GASTAT Saudi Central Bank (SAMA)