Saudi Arabia reports Q1 deficit amid increased expenditures

Saudi Arabia recorded a deficit of 2.9 billion Saudi Riyals (around 770 million U.S. dollars) in the first quarter of 2023, according to a report by the Saudi Finance Ministry.

Revenues for the same period reached 280.9 billion Saudi Riyals (around 74.89 billion dollars), while expenditures amounted to 283.9 billion Saudi Riyals (around 75.69 billion dollars). The deficit was attributed to an increase in expenditures outpacing the growth in revenues, with expenditures rising by 29 percent compared to a 1 percent increase in revenues from the previous year.

Despite a decline in oil prices, total revenues increased by 1 percent, with non-oil revenues experiencing a significant 9 percent growth.

The deficit was fully funded through external debt without tapping into reserves, the ministry said, assuring that the level of deficit is not a cause for concern given the strong position of public finance.

About Famagusta Gazette 9445 Articles
In addition to our Mediterranean perspective, Famagusta Gazette publish extensive coverage of world news, travel and tourism features, and financial information. Follow us on Twitter @FamagustaG