Saudi Arabia's Ministry of Finance says the figures are reflective of economic reforms that have taken place in the kingdom
New figures show that Saudi Arabia’s non-oil sector grew by 80 percent in Q3 2017, according to figures released by the kingdom’s Ministry of Finance on Sunday.
The figures indicate that non-oil revenues hit SAR47.8 billion ($12.7 billion) in Q3, with total revenues up by 11 percent to reach SAR142.1 billion ($37.8 billion).
Since the beginning of 2017, revenues reached SAR450.1 billion ($120 billion), a 23 percent increase year-on-year, while expenditures were tallied at SAR571.6 billion ($152.4 billion). Saudi Arabia’s deficit was SAR121.5 billion ($32.4 billion) – a 40 percent reduction from 2016.
According to the Ministry of Finance, the figures show that Saudi Arabia’s efforts to diversify its economy and diminish its reliance on oil are paying off.
“Whilst economic challenges remain, the economic reforms and measures that are set in the Fiscal Balance Program within Saudi Vision 2030 have proved effective, contributing to an increase in non-oil revenues, and we are making progress in creating a stronger and more diversified economy,” Saudi Finance Minister Mohammed Al Jadaan said in a statement.
“Our third quarterly budget update demonstrates our long-term commitment to increase our levels of transparency and financial disclosure,” he added. “We all know this is vitally important in maintaining the confidence of all our stakeholders if we are to deliver our vision for the kingdom.”
Al Jadaan also praised a recent report from the International Monetary Fund (IMF) which he said indicates “great confidence” in Saudi Arabia’s long term financial and economic outlook.
‘We have also once again benefited from international bond markets, reflecting both the growing confidence in Saudi Arabia’s economy and its strong foundations,” he said. “The significant international investor interest in our country has been evidenced by the huge numbers who turned out for the Future Investment Initiative in Riyadh last month.”