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2018-05-08 10:45:00

SAUDIS DEFICIT $9.15 BLN

SAUDIS DEFICIT $9.15 BLN

REUTERS - Saudi Arabia's first quarter budget deficit stood at 34.3 billion Saudi riyals ($9.15 billion), around 18 percent of the total gap forecast for 2018, the finance ministry said on Monday.

The kingdom - which is making concerted efforts to diversify its oil-reliant economy - has projected a deficit of 195 billion riyals, or 7.3 percent of gross domestic product (GDP), this year, down from 230 billion last year.

It plans to balance the budget by 2023.

First quarter revenues reached 166.3 billion riyals, up 15 percent from the same period last year, the ministry said in a statement.

Non-oil revenues jumped 63 percent to 52.3 billion riyals, mainly due to a 5 percent value-added tax and fees imposed on foreign workers introduced by the government in January.

Noting the strong non-oil growth, Finance Minister Mohammed al-Jadaan said the first quarter figures "reflect rapid and significant progress in economic reform."

Total spending reached 200.6 billion, up 18 percent.

Last week, Jadaan said the government was on track to cut the deficit to 7 percent of GDP this year.

Oil revenues rose only 2 percent, despite the recent rise in the oil price. The ministry said a switch to quarterly dividends for Aramco meant that impact would be seen in the second quarter.

"We expect more improvement over the coming quarters, as spending becomes more efficient and as oil and non-oil revenues grow further," said Mazen al-Sudairi, head of research at Al Rajhi Capital.

He added that Al Rajhi Capital forecasts oil revenues to reach 540 billion riyals in 2018, exceeding government estimates of 490 billion.

Saudi Arabia, the world's top oil exporter, does not disclose the oil price assumptions behind its budget. An International Monetary Fund official told Reuters that the Gulf Arab state would need oil prices to average $85-87 a barrel this year to balance its state budget.

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Earlier:

 W.Asia
2018, May, 4, 15:30:00

SAUDIS NEED $88

BLOOMBERG - The IMF bolstered its estimate for the oil price the kingdom needs to balance the national budget this year to $88 a barrel, 26 percent more than an assessment made in October.

 W.Asia
2018, May, 2, 13:30:00

SAUDIS NEED $85

REUTERS - Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023.

 W.Asia
2018, April, 23, 14:45:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ - ПАРТНЕРЫ

МИНЭНЕРГО РОССИИ - «Активная позиция позволила обеспечить консенсус ведущих стран-производителей нефти по вопросу реализации «венских соглашений» о добровольной корректировке добычи нефти. Рынок видит успехи наших усилий по сокращению объемов запасов и реагирует позитивным образом", - отметил Александр Новак.

 W.Asia
2018, April, 13, 17:30:00

SAUDI'S FUNDING $11 BLN

REUTERS - Saudi Arabia has largely covered its hard currency funding needs for 2018 by completing this week’s $11 billion international bond issue, the head of the kingdom’s debt management office said.

 W.Asia
2018, March, 28, 11:05:00

SAUDIS OIL FOR CHINA: +20%

PLATTS - China's crude oil imports from Saudi Arabia in February rose 19.5% month on month to 1.21 million b/d, or 4.64 million mt, making it the second-largest supplier, data released by the General Administration of Customs on Tuesday showed.

 W.Asia
2018, March, 28, 10:30:00

SAUDIS SOLAR INVESTMENT $200 BLN

REUTERS - The final investment total for the 200 GW of generation, including the solar panels, battery storage and a manufacturing facility for panels in Saudi Arabia, will eventually total around $200 billion, Son said.

 W.Asia
2018, March, 21, 12:20:00

SAUDIS NUCLEAR POWER

BLOOMBERG - The Saudis see atomic energy as a way to ease their dependence on finite fossil fuels. But they are also driven by competition with their rival Iran, which has multiple nuclear facilities.

 

 

 

 

Tags: SAUDI, ARABIA, BUDGET

Chronicle:

SAUDIS DEFICIT $9.15 BLN
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RUSSIA - EXXON: NEW PROJECTS

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SAUDIS DEFICIT $9.15 BLN
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IMF HAS UKRAINE FOR $3.9 BLN

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SAUDIS DEFICIT $9.15 BLN
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UKRAINE'S GAS PRICES UP 23.5%

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SAUDIS DEFICIT $9.15 BLN
2018, October, 22, 11:40:00

SCHLUMBERGER NET INCOME $644 MLN

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