RIYADH: Saudi Arabia’s non-oil revenues rose by 6.6 percent in the second quarter of 2025 compared to the same period of last year, reaching SR149.86 billion ($39.96 billion).
According to data from the Ministry of Finance’s quarterly budget performance report, this marks a key fiscal milestone, with non-oil revenues now accounting for 49.7 percent of total government income, up from less than 40 percent a year ago.
Oil income fell by 28.76 percent during this period, totaling SR151.73 billion compared to SR213 billion a year earlier. This pulled total government revenues down by 15 percent annually to SR301.6 billion.
The shift reflects two main drivers: the Kingdom’s economic diversification push under Vision 2030, and the voluntary oil production cuts implemented under OPEC+ agreements in late 2023 to stabilize global prices.
These cuts, initially amounting to 1 million barrels per day, have been unwound in gradual phases throughout 2025, with output increases of 138,000 bpd in April, followed by 411,000 bpd increments in May and June.
