On 26 November, the government approved the fiscal year (FY)
2025 budget statement as presented by the Ministry of Finance
(MoF). In our annual KPMG budget report, we present our views,
supported by internal analysis and other sources.
The MoF's Budget Statement for FY 2025 outlines key details
of budgeted revenues and expenditures, major programs, and fiscal
developments. This statement reflects the government's ongoing
commitment to fiscal transparency and disciplined financial
management, in line with the Kingdom's Vision 2030 objectives.
The Saudi economy has demonstrated resilience in the face of global
economic challenges.
Despite a shift to positive growth from last fiscal year, real
GDP annual average growth remained weak in fiscal year 2024,
expanding by an estimated 0.8 percent Year-on-Year (YoY), following
a contraction of 0.8 percent YoY in fiscal year 2023. The decline
in oil sector activities, driven by voluntary production cuts under
the OPEC+
