Saudi Gazette report

RIYADH — The Ministry of Finance revealed that Saudi budget revenues amounted to SR215.57 billion while expenditures reached SR256.34 billion in the three months ending in September 2020. The budget deficit recorded a fall of 62 percent, reaching SR40.76 billion in the third quarter, compared to the second quarter.

The ministry’s figures showed that the value of oil revenues in the third quarter reached SR92.5 billion, compared to SR95.7 billion in the previous quarter. The total value of oil revenues in the first nine months of 2020 was about SR317 billion.

The value of non-oil revenues in the third quarter amounted to SR122.9 billion, compared to SR38.2 billion in the second quarter, while their value in the first nine months of the year amounted to SR224.55 billion. Non-oil revenues registered a 63 percent jump in the third quarter, compared to the same period last year.

Looking at the forecast for the whole year of 2020, real gross domestic product (GDP) is expected to record a decline of 3.8 percent, taking into account the performance of economic indices during the first half of the year.