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Home Gulf News Saudi Arabia

Saudi Arabia reported a $9.5 billion budget deficit for the third quarter despite reducing oil production.

November 2, 2023
in Saudi Arabia, business, WORLD
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Saudi Arabia reported a $9.5 billion budget deficit for the third quarter despite reducing oil production.

According to the kingdom’s Ministry of Finance, the total budget deficit for the three months ending in September came to 35.8 billion Saudi riyals ($9.54 billion), up from 5.2 billion riyals in the second quarter.

For the first quarter of the year, the monarchy declared a 2.91 billion riyal budget deficit.

Saudi Arabia reported its 2023 growth prediction last month and stated that it anticipates running a deficit this year due to increased spending.

According to a preliminary budget announcement from the Ministry of Finance, the kingdom anticipates the real gross domestic product to expand by 0.03 percent this year “due to a voluntary reduction in oil production,” down from a previous growth projection of 3.1%.

It stated at the time that non-oil growth this year is expected to reach 5.9%, with the trade, hospitality, and tourist sectors leading the way.

After estimating a 16 billion riyal surplus last year, Saudi Arabia is now projecting an 82 billion riyal deficit this year.

While non-oil revenue increased by 53% year over year to 111.5 billion riyals in the third quarter, oil revenue decreased by 36% annually to Dh147 billion riyals. During the quarter, total revenue dropped 14% to 258.5 billion riyals.

Saudi Arabia has updated its 2023 growth prediction and anticipates a budget deficit this year due to increased spending.

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