Saudi Arabia's third quarter results indicate continued stability
Saudi Arabia’s third quarter 2017 results have confirmed the continued financial and economic stability which the Kingdom has been enjoying despite the significant drop in oil prices over the past two years.
The results also reveal many positive aspects. It confirms the Kingdom's commitment to transparency and financial disclosure as a key factor consistent with Saudi Vision 2030 and its objectives, as well as highlighting the progress achieved in realizing the objectives of the Vision.
The total expenditure in the third quarter amounted to SR 190.9 billion, an increase of 5% over the same period last year.
Socioeconomic sectors such as education, health and municipal services accounted for 44% of the expenditures, indicating that essential services to citizens have been prioritized. The attention paid to these key sectors confirms the state's continued care for the citizens’ welfare in different regions.
The total revenue for the third quarter amounted to SR 142.1 billion, an increase of 11% over the same period last year. Non-oil revenues were SR 47.8 billion, an increase of 80% over the previous year.
The Minister of Finance explained that despite the ongoing economic challenges, the economic reforms within the fiscal balance program have proved effective, contributing to more non-oil revenues. He commended the progress made towards building a stronger and more diversified economy.
According to a Finance Ministry's statement, revenues in the first nine months of the year amounted to SR 450.1 billion, an increase of 23% compared to the same period of the previous year. Expenditures amounted to SR 571.6 billion, a slight increase of 0.4% compared to the previous year. These expenditures accounted for 64% of total annual expenditure.
The deficit in this period amounted to SR 121.5 billion, a decrease of 40% compared to the same period last year.
The minister said that these figures reflect the Kingdom’s continued progress towards meeting the long-term objectives of its economic reforms, ensuring a balanced financial performance, and continuing on the right track to meet the budget projections for 2017.