Saudi Arabia approves 2025 budget with focus on Vision 2030 goals
Saudi Arabia’s Crown Prince Mohammed bin Salman has approved the Kingdom’s 2025 budget, projecting total revenue of 1.184 trillion riyals ($315.73 billion) and expenditures of 1.285 trillion riyals.
This results in a budget deficit of 101 billion riyals ($26.88 billion), equivalent to 2.3% of the country’s Gross Domestic Product (GDP), according to the Saudi Press Agency.
The Crown Prince directed ministers and officials to ensure that programs, strategies, and development projects outlined in the budget align with the objectives of Vision 2030, the Kingdom’s transformative roadmap for economic diversification.
The Ministry of Finance forecasts a significant acceleration in GDP growth, from 0.8% in 2024 to 4.6% in 2025. Saudi Finance Minister Mohammed al-Jadaan attributed this growth to ongoing economic and fiscal reforms aimed at diversifying the Kingdom’s economy and fostering innovation and investment.
Al-Jadaan expressed gratitude to King Salman and the Crown Prince for their leadership, emphasizing the importance of maintaining consistent investment in education, health, and social services to meet citizens’ basic needs.
Saudi Arabia has made remarkable strides in employment. By the second quarter of 2024, the unemployment rate among Saudis had fallen to a historic low of 7.1%, while women’s workforce participation reached 35.4%, surpassing Vision 2030’s target by 30%.
