Accelerated Recovery Of The Saudi Economy, Reduction Of The Budget Deficit, Increase In Revenue And Expenditure
According to a Saudi Ministry of Finance report, the country’s budget deficit has decreased by 38% in the second quarter of this year.
According to Arab News, the quarterly budget report released by the Ministry of Finance states that during this period, expenditure has increased by 19% and revenue by 22%.
Saudi government spending rose to 252 billion riyals in the second quarter from 212 billion riyals in the first quarter.
The country’s revenue rose to 248 billion riyals in the second quarter from 204 billion riyals in the first quarter. The country’s budget deficit has decreased to 4.6 billion riyals from 7.4 billion riyals in the previous quarter.
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How The Revenue Of Ksa Increased And The Budget Deficit Decreased?
The increase in revenue is due to higher oil sales and an increase in income other than oil.
“The national budget is the barometer of any nation’s economic health,” independent economic analyst Muhammad Ramada told Arab News. The results of Saudi Arabia’s second-quarter budget report show a more substantial financial situation. It is a more organized fiscal discipline, and recovery from the Corona epidemic. ‘