Saudi Arabia’s Non-Oil Revenues Bounce By 53% In Q3

Saudi Arabia’s oil revenues amounted to SR147 billion ($39 billion) within the third quarter of 2023, the Ministry of Finance mentioned in its quarterly finances efficiency report on Wednesday.

Non-oil revenues, in accordance with the ministry, surged by 53 % on an annual foundation to succeed in SR111.5 billion.

The Kingdom recorded a finances deficit for the fourth consecutive quarter totaling SR35.77 billion as bills through the quarter ending on Sept. 30 amounted to SR294.3 billion.

The entire revenues have been recorded at SR258 billion, the report confirmed.

Public debt through the 9 months of the fiscal yr reached SR994.26 billion, with home debt at SR628.637 billion and exterior debt at SR365.623 billion.

Observers could recall that the Kingdom issued a preliminary finances assertion final month reducing its progress forecast for 2023.

It confirmed that the biggest Arab financial system expects actual gross home product to develop by 0.03 % this yr in contrast with a earlier forecast for progress of three.1 %.

Saudi Arabia will proceed its fiscal and structural reforms because the Kingdom is steadily embarking on its financial diversification journey in keeping with the targets outlined in Imaginative and prescient 2030, Finance Minister Mohammed Al-Jadaan had mentioned.

The doc additionally projected the federal government would put up a finances deficit of 1.9 % of the gross home challenge in 2024, 1.6 % of GDP in 2025, and a couple of.3 % of GDP in 2026. It mentioned “restricted finances deficits” would proceed within the medium time period.