Saudi Arabia's Q1 budget deficit largest since 2018 — Bloomberg

russian news agencyRUSearchSectionsCloseEconomySportsCulture CloseRussian Politics & DiplomacyRussian Politics & DiplomacyInto section →FOREIGN POLICYDOMESTIC POLICYWorldWorldInto section →Business & EconomyBusiness & EconomyInto section →Oil & gas industryInternet & TelecomTrade & CooperationTransportMilitary & DefenseMilitary & DefenseInto section →Science & SpaceScience & SpaceInto section →Emergencies Emergencies Into section →Society & CultureSociety & CultureInto section →Press ReviewPress ReviewInto section →SportsSportsInto section →Special projectsTASSAgencyTASS todayHistoryManagementContactsProjects & ServicesTASS-PHOTONEWS TERMINALPersonal data processing policy TASSPress ReleasesPrivacy Policy​ tass.comTerms of useANTI-CorruptionSubscribeSocial MediaTelegramSubscriptionsRSSAdvertisingContacts{{dayPoint.date | date : 'd MMMM yyyy'}}{{newsPoint.date * 1000 | date : 'HH:mm'}} {{newsPoint.mark}}{{newsPoint.title}}{{newsPoint.title+ ' '}}{{newsPoint.subtitle}}All newsSaudi Arabia's Q1 budget deficit largest since 2018 — Bloomberg It amounted to $33.5 billionNEW YORK, May 6. /TASS/. Saudi Arabia recorded its largest budget deficit since 2018 in the first quarter of 2026, owing mostly to a decline in oil revenues, Bloomberg reported. The kingdom posted its largest budget deficit in eight years - $33.5 billion. In the last three months of 2025, the deficit exceeded $25 billion, more than double what it was the same period last year. The first-quarter deficit was also exacerbated by high spending on projects to diversify the economy. In the first quarter, oil revenues fell by almost 3% year-on-year, while expenditures increased by almost 20% to $103 billion. As the agency notes, the consequences of the US and Israeli military operation against Iran will have a significant impact on Saudi Arabia's economic performance in the second quarter, but high oil prices and maintained export levels could help the government record a smaller deficit over this year than projected before the war. As the kingdom's authorities earlier reported, GDP grew by 2.8% year-on-year in the first quarter, which is the lowest figure since mid-2024. Also, as Bloomberg notes, Saudi Arabia lowered oil prices for the Asian market in June by $4 per barrel amid declining demand.