Saudi Reports Quarterly Budget Deficit of 26.2 Billion Riyals

12 May 2017   Saudi Arabia

First quarter revenue rises 72% to 144 billion riyals Revenue from oil more than doubles, non-oil revenue up 1.3% Saudi Arabia reported a first quarter budget deficit of 26.2 billion riyals ($7 billion) as oil revenue surged, the Ministry of Finance said. Revenue for the three months to March rose 72 percent from a year earlier to 144.1 billion riyals, while expenses fell 2.7 percent to 170 billion riyals, the ministry said in a report on Thursday. Oil revenue more than doubled to 112 billion riyals from 52 billion riyals, while non-oil revenue was 1.3 percent higher at 32.1 billion riyals. The Saudi government is shifting to quarterly statements on the economy — having typically reported only annually — to boost transparency as it implements its long-term blueprint for life after oil. Repairing public finances after the drop in crude prices since 2014 is crucial to the plan, which […]

Comments are closed.