Saudi Arabia Posts Budget Deficit as Capex Spending Climbs

Saudi Arabia recorded a sixth straight quarterly budget deficit as increased spending on capital expenditure and other areas outpaced growth in revenue.

The shortfall stood at 12.4 billion riyals ($3.3 billion) in the first quarter, more than four times higher than a year ago, according to a statement from the Ministry of Finance on Sunday. On a quarterly basis, the deficit eased from about 37 billion riyals at the end of 2023.