Riyadh – Mubasher: The growth of Saudi oil and other revenues has contributed to decreasing the Kingdom’s budget deficit from January to September this year, the Ministry of Finance (MoF) reported.
The shortfall in the oil-rich country’s budget slumped 60% year-on-year to $13.1 billion in the first nine months of 2018, the MoF added.
The Saudi body further noted on its website that the nation’s non-oil revenues surged 48%, reaching $56.3 billion, while value of oil income went up 47% to $120.6 billion in the first nine months of this year.
This occurred after the world's largest oil producer suffered budget deficits in the previous four years at total value of $260 billion each year after oil prices declined.
Saudi expenses jumped 25% to $190 billion in the nine-month period ended September, the MoF added.
Saudi Arabia “which has introduced economic reforms aimed at reducing its dependence on oil, has benefited from a sharp rebound in energy prices on world markets,” AFP cited the MoF’s report.
