Saudi 2017 budget posted robust revenue, says official

The Kingdom’s budget in 2017 posted strong revenue, driven by higher oil prices in the second half of the year, as well as ongoing economic reforms aimed at boosting the non-oil revenue, state-owned news agency SPA has reported, citing Tariq Alshuhayeb, the deputy minister for revenues at ministry of finance.

Non-oil revenue came higher than expected, due to the government’s efforts to cut oil dependence.

Also, oil revenue increased compared to last year, Alshuhayeb said, adding that details will be revealed tomorrow upon announcing Saudi Budget 2018.

The new budget, which will for the first time include five-year economic forecasts, was prepared in line with a new mechanism aimed at enhancing efficient government spending.

The Saudi finance ministry disclosed the state budget performance for the first nine months of 2017, which reflected SAR 450.1 billion in revenue, SAR 571.6 billion in expenses, in addition to a fiscal deficit of SAR 121.5 billion, data compiled by Argaam showed.