Report: Saudi Arabia deficit reaches $32.4bn

Saudi Arabia’s budget deficit has reached $32.4 billion in the first nine months of the current year, a new report released by the Kingdom’s finance ministry revealed.

According to the report, since the beginning of 2017, financial revenues have increased by 23 per cent to reach 450.1 billion riyals ($120 billion) compared to the same period of the previous year, while expenditure increased by 0.4 per cent to reach 571.6 billion riyals ($152.4 billion).

According to the ministry’s figures, the deficit fell by 40 per cent compared to the same period last year.

Finance Minister Mohammed Al-Jadaan said in a statement: “Whilst economic challenges remain, the economic reforms and measures that are set in the Fiscal Balance Programme within Saudi Vision 2030 have proven effective, contributing to an increase in non-oil revenues, and we are making progress in creating a stronger and more diversified economy.”

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The minister announced that revenues reached 142.1 billion riyals ($37.9 billion) during the third quarter of this year, an increase of 11 per cent compared to the same period last year.

Meanwhile, non-oil revenues increased by 80 per cent to reach 47.8 billion riyals ($12.7 billion) compared to last year.

According to the minister, total expenditure during the third quarter of this year increased by five per cent to reach 190.9 billion riyals ($50.9 billion) compared to the same period last year.

The minister explained that deficit in the third quarter reached 48.7 billion riyals ($13 billion), while public debt at the end of the third quarter reached 375.8 billion riyals ($100.2 billion).