The Ministry of Finance has published its third quarter budget performance report for the fiscal year 2018 on its website at www.mof.gov.sa. The report includes key indicators and data reflecting the Government's commitment to transparency and fiscal disclosure as a step towards strengthening the governance and management of public finances.
The indicators for Q3 2018 show a decrease in the deficit compared to Q3 2017 and against the budget for 2018. The reduction in the budget deficit is a result of significant growth in oil and non-oil revenues, reflecting the effectiveness of economic reforms and fiscal measures targeting fiscal sustainability as well as the effective management of public finances.
- Total revenues up to end of Q3 reached SAR 663.113 billion, an increase of 47% year-on-year.
- Total revenues for Q3 reached SAR 223.262 billion, an increase of 57% quarter-on-quarter.
- Total non-oil revenues up to end of Q3 reached SAR 211.051 billion, an increase of 48% year-on-year.
- Non-oil revenues for Q3 reached SAR 69.312 billion, a growth rate of 45% quarter-on-quarter.
- Total oil revenues up to end of Q3 reached SAR 452.062 billion, an increase of 47% year-on-year.
- Oil revenues for Q3 reached SAR 153.950 billion, an increase of 63% quarter -on-quarter, driven by an increase in the international oil prices.
- Total expenses for Q3 reached SAR 230.549 billion, an increase of 21% quarter-on-quarter.
- Total actual expenses up to end of Q3 have reached SAR 712.090 billion accounting for 73% of the total budget for 2018, and an increase of 25% compared to the same period in 2017.
- The budget deficit for Q3 was SAR 7.287 billion, and the total budget deficit by the end of Q3 2018 amounted to SAR 48.977 billion compared to SAR 121.458 billion for the same period in 2017 and against a budget deficit of SAR 194.657 billion for 2018.
- Public debt increased from SAR 443.253 billion at the end of 2017 to SAR 549.516 billion at the end of Q3 2018.
Commenting on the Q3 fiscal results, H.E. Mohammed Abdullah Al Jadaan, Minister of Finance, said:
"The announced Q3 2018 fiscal figures reflect the improved performance of the public finances during this year. While clearly assisted by improvements in the oil price internationally, these figures also show the fruits of the successful implementation of many initiatives to develop non-oil revenues and improve spending efficiency".
"The improvement in fiscal performance is reflected by the decrease in the deficit with positive oil and non-oil growth, compared to the same period in 2017 and the planned budget. This has been the case despite the increase in spending on various social initiatives such as the Citizen Account, living allowances, and capital expenses on infrastructure. We are determined to continue our economic reforms to achieve the Fiscal Balance Program's objectives, by raising revenues, improving government spending efficiency, and stimulating economic growth", he added.
H.E. the Minister of Finance pointed out that regardless of the Q3 positive indicators, challenges in the public finances still exist and require us to maintain our efforts to move forward with our reforms.
* to Review the Budget Performance Report Click here