Saudi Arabia reports Q3 budget surplus of nearly SR6.7 billion
Saudi Arabia posted a surplus of SR6.68 billion in the third quarter budget this year for the first time since 2019.
Total revenues for the third quarter amounted to SR243.3 billion. The non-oil revenues amounted to SR95.4 billion, while oil revenues amounted SR147.9 billion. These figures confirmed the feasibility of economic reforms. The expenditures for the third quarter amounted to SR236.6 billion.
The Kingdom had last year introduced measures such as tripling of a value-added tax (VAT) and removal of a cost of living allowance to replenish state coffers depleted by the historic slide in crude prices and as the pandemic hit non-oil revenues.
With regard to non-oil revenues, their value in the third quarter amounted to about SR95.41 billion, equivalent to 39.2 percent of total revenues.
The municipal services sector recorded the lowest percentage of expenditures that amounted to SR22.7 billion, representing 45 percent of the approved budget of SR50.8 billion. The military sector expenditures amounted to the highest with SR134.43 billion, equivalent to 77 percent of the approved expenditures estimated at SR175.1 billion.
