• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Saudi Arabia budget slips into deficit as spending accelerates

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
89
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Saudi Arabia budget slips into deficit as spending accelerates

Saudi Arabia reported a deficit of 2.91 billion riyals ($770 million) in the first quarter of the year as the government increased spending on salaries and economic diversification projects.

Government income rose in the first quarter, driven by higher non-oil revenues, but was outpaced by a nearly 30% rise in spending, according to a budget report from the Ministry Of Finance published Sunday. The government “maintains a great ability to continue the expansionary fiscal policy and consider accelerating projects,” according to a seperate statement on the official Saudi Press Agency.

Oil revenues fell by 3% to 179 billion riyals in the first three months of the year on lower crude prices.

Non-oil revenues, which the government has focused on growing as it looks to move away from boom-bust cycles of the past, rose by 9%. That was driven by receipts from taxes on income, profit and capital gains rising by 75%.

While Saudi Arabia is predicting another budget surplus this year, after surging oil prices helped the budget back into the black for the first time in nearly a decade last year, other forecasters are predicting a deficit. The International Monetary Fund hiked the oil price Saudi Arabia needs to balance its budget this year to over $80 a barrel. The kingdom doesn’t reveal an oil price assumption in its budget.

The Washington-based lender forecasts the kingdom will run a budget deficit of 1.1% of gross domestic product this year, a view that’s at odds with the government’s expectation for a second straight surplus it last estimated at 16 billion riyals ($4.3 billion).

RelatedPosts

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

The Saudi economy was the fastest growing in the Group of 20 last year, but it expanded at a slower pace in the first three months of this year to 3.9% vs 5.5% the previous quarter, as the oil sector grew at its lowest rate in more than a year, preliminary data released by the General Authority for Statistics showed Sunday.

The data also showed:

  • Public debt shrank to 962 billion riyals at end of the first quarter from 990 billion riyals at the start of the year
  • Debt servicing costs increased 50%
  • Social benefits spending rose by 52%
  • Government reserves rose to 415 billion riyals and the government current account dropped to 35 billion riyals from 145 billion riyals at the end of 2022

Source: bloomberg
Via: norvanreports
Tags: DeficitIMFSaudi Arabia budgetSaudi Arabia budget slips into deficit as spending accelerates
No Result
View All Result

Highlights

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Morocco Crowned World Champions at the FIFA U-20 World Cup

GPL: Gold Stars Seek Redemption, Eleven Wonders Hunt First Win in Super Monday Doubleheader

OMCs Begin Over 4% Fuel Price Reductions Amid Cedi Gains and Decline in Global Oil Prices

Nigerians to pay more for ChatGPT on OpenAI’s 7.5% VAT

Prof. Baah-Boateng Urges Bank of Ghana to Prioritise Cedi Stability Amid Sharp Currency Swings

Trending

Features

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

October 20, 2025

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release BudgIT, a prominent civic tech...

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

October 20, 2025

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

October 20, 2025

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

October 20, 2025

Morocco Crowned World Champions at the FIFA U-20 World Cup

October 20, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.