RIYADH: Saudi Arabia’s third-quarter non-oil revenue surged by almost half according to the Kingdom’s finance minister.
Mohammed Al-Jadaan told the Future Investment Initiative (FII) in Riyadh that non-oil revenues grew by 48 percent, to SR211 billion ($56.25 billion), compared to a year earlier.
The Kingdom generated non-oil revenues of SR89.4 billion in the second quarter, up 42 percent year on year.
Government spending in the third quarter increased by about 25 percent, he said.
Saudi Arabia’s government expects to run a budget deficit of SR128 billion next year Jadaan said last month.
Jadaan was speaking on the final day of the FII event where global business leaders have gathered this week.
Deals signed at the event have topped $56 billion, Saudi Energy Minister Khalid Al-Falih said on Thursday.