Value of non-oil revenues jump 63% while budget deficit falls 62% in 3Q

3 weeks ago 23
google news

The Ministry of Finance revealed that Saudi budget revenues amounted to SR215.57 billion while expenditures reached SR256.34 billion; in the three months ending in September 2020. The budget deficit recorded a fall of 62 percent, reaching SR40.76 billion in the third quarter; compared to the second quarter.

The ministry’s figures showed that the value of oil revenues in the third quarter reached SR92.5 billion; compared to SR95.7 billion in the previous quarter. The total value of oil revenues in the first nine months of 2020 was about SR317 billion.

The value of non-oil revenues in the third quarter amounted to SR122.9 billion, compared to SR38.2 billion in the second quarter; while their value in the first nine months of the year amounted to SR224.55 billion. Non-oil revenues registered a 63 percent jump in the third quarter; compared to the same period last year.

Looking at the forecast for the whole year of 2020, real gross domestic product (GDP) is expected to record a decline of 3.8 percent, taking into account the performance of economic indices during the first half of the year.

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