Saudi budget report signals growing confidence in economic growth: analyst
Economist Nasser Al-Qur'awi says the Q2 budget report reflects Saudi Arabia’s economic stability and growing confidence in GDP growth.
Key Takeaways
AIEconomist Dr. Nasser Al-Qur'awi said the second-quarter budget performance report reflects the current state of Saudi Arabia’s economy.
Speaking in an interview with Al-Ikhbariya Radio, he added that the report demonstrates increasing confidence in annual GDP growth, supported by government programs aimed at strengthening economic sectors, projects, services, and domestic stability.
Al-Qur'awi also noted that this is linked to the quality of services provided and internal stability, alongside the continued flow of Saudi oil, which positively impacts state revenues and economic stability within the Kingdom.
The Ministry of Finance’s statement for the third quarter showed revenues of 338.9 billion riyals (SAR), up 12% year-on-year, with oil revenues rising 22% to 185.1 billion riyals.
Flexible supply chains have played a key role in limiting the impact of geopolitical developments, while Saudi oil exports have continued through multiple routes, supporting global energy market stability and meeting partners’ needs.
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