Saudi Arabia

Saudi Arabia’s 3rd Quarter Revenue Rise by 11%, Budget Deficit Fell 9.4%

Saudi Arabia’s third-quarter budget deficit fell 9.4 percent compared with last year, according to figures from the Ministry of Finance, as increased tax and non-oil revenues offset lower oil revenues.

The Finance Ministry said the budget deficit is SAR 48.7 billion in Q3 2017.

Revenues rose 11 percent year-on-year to 142.1bn riyals, thanks to a more than doubling of tax on goods and services, a category that includes oil product fees and excise tax on harmful products. Non-oil revenues rose 80 percent to 47.8bn riyals, while oil revenues were 6.6 percent lower at 94.3bn riyals compared with Q3 2016.

For the first nine months of 2017, the Kingdom cut the deficit by 40 percent YoY to SAR 121.5 billion, with SAR 571.6 billion in expenditures and SAR 450.1 billion in revenue.

Almost 44 percent of total expenditure was allocated for key sectors such as education, healthcare and municipal services, the finance ministry added.

Elsewhere, total public debt reached SAR 375.8 billion in Q3 2017.

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