RIYADH — Saudi Arabia recorded a budget deficit of 125.7 billion riyals (about $33.5 billion) in the first quarter of 2026 as it absorbed the impact of the Strait of Hormuz shutdown and accelerated spending, its largest deficit since 2018 and nearly double the figure for the same period last year.
Recent data from the Saudi finance ministry showed the government brought forward some infrastructure development and food import spending to soften the economic shock from the Hormuz closure. That additional and accelerated spending was the main driver of the wider deficit.
A spokesperson for the Saudi finance ministry said the country had invested heavily in expanding the capacity of Red Sea coastal ports to address potential supply risks. Spending on new transport and logistics projects has also been increased to strengthen alternative trade routes.
Analysts said Saudi Arabia had chosen a path of advance preparation to secure economic stability amid regional tensions and uncertainty over energy transport, even though the immediate effect has fallen on the state budget.
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