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, despite an increase in government spending to stimulate economic growth.
According to the report, the Kingdom reduced its budget deficit by 60% to SR49 billion in the first nine months of the year, while Government revenues in the first nine months increased by nearly 47 percent to SR663 billion compared to the same period in 2017. Revenues for the third quarter alone hit SR223 billion — an increase of 57 percent quarter-on-quarter — indicating a decrease in the deficit compared to the corresponding period of last year, as well as compared to the approved budget for this year, supported by a significant growth in both oil and non-oil revenues, confirming the effectiveness of economic reforms.
The Saudi Ministry of Finance is preparing to issue the Public Budget Performance Report for the year in recognition of the Government's commitment to transparency and financial disclosure, and the enhanced governance and control of public finances.
Source: (Al-Arabiya.net, Edited)
