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Saudi budget falls 60% in 9 months as oil revenues grow

Saudi Arabia’s budget deficit has fallen 60% in nine months to $13 bln (SR49 bln).

Total revenue at the end of the third quarter was SR663.113 billion ($179bn), a growth of 47% compared to the same quarter last year.

Total oil revenues up to end of Q3 reached SR452.062 billion ($122bn), an increase of 47% year-on-year.

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Total non-oil revenues at the end of the third quarter amounted to SR211.05 billion ($57bn), a growth rate of 48% compared to the same quarter last year.

The third quarter budget performance report for the fiscal year 2018 includes key indicators and data reflecting the government’s commitment to transparency and fiscal disclosure as a step toward strengthening the governance and management of public finances.

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Commenting on the Q3 fiscal results, Minister of Finance Mohammed Al-Jadaan, said: “The announced Q3 2018 fiscal figures reflect the improved performance of the public finances during this year. While clearly assisted by improvements in the oil price internationally, these figures also show the fruits of the successful implementation of many initiatives to develop non-oil revenues and improve spending efficiency.”