Government

Saudi budget deficit decreases by 85 pct in Q3 of ’18

RIYADH, Saudi Arabia’s budget deficit dropped by 85 percent for the third quarter of 2018 compared to the same period last year, Saudi Ministry of Finance’s report said on Wednesday.

The report added that the deficit was estimated at SAR 7.29 billion about (USD 1.9 billion) in the third quarter of 2018 compared to SAR 48.7 billion (USD 12.9 billion) for the same period of last year.

The reduction in the budget deficit was supported by a significant growth in oil and non-oil revenues, the report said.

It added that this reflected the effectiveness of economic reforms and fiscal measures aiming to fiscal sustainability and effective management of public finances. Total revenues in the third quarter of 2018 hit SAR 223.262 billion about (USD 59 billion), posting an increase of 57 percent compared to the same period of last year, it noted.

While total expenses for Q3 of 2018 reached SAR 230.549 billion about (USD 61 billion), a rise of 21 percent compared to the same period on 2017, according to the report.

“The announced Q3 2018 fiscal figures reflect the improved performance of the public finances during this year,” Minister of Finance Mohammed Al Jadaan said, according to the ministry’s website.

He added that “while clearly assisted by improvements in the oil price internationally, these figures also show the fruits of the successful implementation of many initiatives to develop non-oil revenues and improve spending efficiency”.

Source: Kuwait News Agency