Saudi Arabia posts SAR 34.3 bln budget deficit in Q1

Saudi Arabia has reported budget deficit of SAR 34.3 billion in Q1 2018, representing about 18 percent of the expected annual deficit, the finance ministry said on Monday.

The first-quarter revenue rose 15 percent year-on-year (YoY) to SAR 166.3 billion, while expenditures grew by 18 percent YoY to SAR 200.6 billion in the same period.

Oil revenue hit SAR 113.95 billion, a rise of 2 percent YoY. Non-oil revenue surged 63 percent YoY to SAR 52.32 billion in Q1 2018. 

The Kingdom’s public debt rose to SAR 483.66 billion in the first quarter, compared to SAR 438 billion at the end of 2017.

The 2018 budget estimated revenue at SAR 783 billion and public spending at SAR 978 billion, with a projected deficit of SAR 195 billion.

Mohammed Al-Jadaan, Saudi Minister of Finance, said, “The Q1 2018 figures imply progress in our financial stability towards achieving the medium-term objectives of the fiscal balance program until 2023, particularly amid strong growth in non-oil revenue and balanced government spending.”