ECONOMY

Saudi budget report puts Q3 revenue at $37.9 billion

Saudi Finance Minister Mohammed Al-Jadaan shows documents during a press conference to unveil the country's national budget for 2017. (AFP)

A Saudi finance ministry budget report released on Sunday put the kingdom's total third quarter revenue at 142.1 billion riyals ($37.9 billion), up 11 percent year-on-year.

The Q3 report affirmed Saudi Arabia's commitment of transparency and financial disclosure, as key factors which are consistent with the Kingdom Vision 2030 and its objectives. The report highlights the progress in achieving the defined objectives within the Financial Balance Program.

The report's results showed an increase in revenues comparing with the 3rd quarter in 2016 in addition to rising rates of non-oil revenues with (80%) during the same period. The report also highlighted that the Saudi government seeks to rationalize spending in order to benefit of its citizens positively. The biggest portion of the government spending was directed to the education sector in the first nine months in 2017. The recent figures of the budget disclosed that the Kingdom is still in the right track in order to reach its long-scale goals with achieving balanced financial performance.

The financial indicators for the performance of the general budget of the state for the third quarter of the fiscal year 1438/1439H (2017) are as follows:

- Total revenues for the third quarter amounted to SR 142.1 billion, an increase of 11% compared to the same period last year. The non-oil revenues amounted to SR47,8 billion, an increase of 80% to the same period. These figures confirmed the feasibility of economic reforms.

- Total expenditures for the third quarter amounted to SR 375,8 billion, an increase of 5% compared to the same period last year.

- The deficit in the third quarter amounted to SR 48,7 billion.
In a related context, the indicators for the performance of the state's budget for the nine months in 2017 were as follows:

- The revenues in the first nine months SR450,1 billion, an increase of 23% compared to the same period.

- The expenditures in the first nine months SR571,6 billion, a minor increase of %0.4 compared to the same period. These expenditures represented 64% of the annual total spending.

- Social sectors such as education, health, social development and municipal services accounted for 44% of the third quarter budget expenditures, giving priority to whatever is of interest for citizens.

- In this period, the deficit amounted to SR121,5 billion, a decrease of 40% compared to the same period.

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Last Update: Sunday, 19 November 2017 KSA 19:48 - GMT 16:48
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