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Saudi’s Q3 non-oil revenue up 48% – finance minister

Saudi’s Q3 non-oil revenue up 48% – finance minister

The kingdom is working on a number of economic reforms to diversify its oil-reliant economy

Saudi Arabia’s third-quarter non-oil revenue jumped 48 per cent from the same period last year, to SAR211bn ($56.25bn), its finance minister said on Thursday.

The kingdom, which is working on a number of economic reforms to diversify its oil-reliant economy, had non-oil revenues of SAR89.4bn in the second quarter, up 42 per cent year on year.

Speaking at an investment conference in Riyadh, Mohammed al-Jadaan said that spending in the third quarter went up by 25 per cent.

Saudi Arabia’s government expects to run a budget deficit of SAR128bn next year, compared with a SAR195bn deficit projected for 2018 in the original budget for this year, Jadaan said last month.

Read: Saudi Arabia posts Q1 deficit of $9.15bn

The deficit narrowed to SAR7.36bn in the second quarter, with revenue of SAR273.59bn and spending of SAR280.95bn.

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