Saudi Arabia reportedly received more than expected additional revenue in the current budget. The report of the Ministry of Finance also shows that a surplus of 14,950 crore Rials has been achieved in nine months.
The fiscal year in Saudi Arabia runs from January to December each year. As of September this year, it has managed to earn 66 percent more revenue than expected. A surplus of Rs 9,000 crore was expected in the budget this year. But with three months left to complete the financial year, it has achieved a surplus of 14,950 crore riyals. The increase in crude oil production and increase in oil prices in the international market led to the budget surplus.
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It was expected in the budget announcement that an average surplus of 2,250 crore riyals could be achieved every quarter. Last financial year till September, there was a deficit of 540 crore riyals. In the same place, this year, they managed to get a surplus of 14,950 crore Rials.
Story Highlights: Saudi records a budget surplus of over SR14 billion in Q3 of 2022
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