Saudi Arabia recorded a budget deficit of 40.768 billion riyals ($ 10.87 billion) in the third quarter of this year, but the deficit shrank by more than half compared to the quarter The second, amid an increase in total government income.
According to Arabiya Net, revenues amounted to 215.577 billion riyals and expenses amounted to 256.345 billion riyals in the three months ending in September.
The figures released by the Ministry of Finance revealed that the Saudi budget deficit decreased by 62% in the third quarter, compared to the deficit levels in the second quarter.
But despite the decline in oil revenues by about 30 percent in the third quarter to 92.582 billion riyals, compared to 95.7 billion riyals in the previous quarter, as total revenues increased by four percent over On an annual basis, to 215.577 billion riyals, due to factors including tax increases.
The total value of oil revenues in the first nine months of 2020 was about 317 billion riyals.
The value of non-oil revenues in the third quarter was 122.9 billion riyals, compared to 38.2 billion riyals in the second quarter, while their value in the first nine months of the year amounted to 224.55 billion Real.
Non-oil revenue recorded a 63% jump in the third quarter, compared to the corresponding period last year.
Tax receipts rose significantly in the three months to the end of September, according to the Quarterly Budget Performance Report published by the Finance Ministry. Total non-oil income jumped 63%, year on year.
Government spending increased by 7%, on an annual basis, to 256.345 billion riyals, and the subsidy contributed the largest increase, as it rose to 8.189 billion riyals from 2.602 billion in the same period before General
Saudi Arabia plans to spend 990 billion riyals in the next year as it expects the economy to return to growth in light of its improved management of the Corona virus crisis, as revealed by a preliminary budget statement issued last month.
