Saudi Arabia posts SAR 48.7 bln budget deficit in Q3

19/11/2017 Argaam Special

 

Saudi Arabia reported a budget deficit of SAR 48.7 billion in Q3 2017, the finance ministry said on Sunday.

 

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

 

Third-quarter revenue rose by 11 percent year-on-year (YoY) to SAR 142.1 billion, while public spending edged up by 5 percent YoY to SAR 190.9 billion.

 

Saudi oil revenue reached SAR 94.3 billion. Non-oil revenue came in at SAR 47.8 billion, up by 80 percent YoY to imply the Kingdom's economic reforms.

 

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, due to successful sukuk issues. 

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