RIYADH, Oct. 25 (Xinhua) -- Saudi Arabia said on Thursday that its non-oil revenues increased by 48 percent in the third quarter to 56.25 billion U.S. dollars, Al Arabiya local news reported.

Saudi Finance Minister Mohammed al-Jadaan told the Future Investment Initiative 2018 that the government spending in the third quarter went up by 25 percent.

The Saudi government expects to run a budget deficit of 128 billion riyals (34.1 billion dollars) next year, compared with a 195-billion-riyal deficit projected in the original budget of this year, Jadaan said.

Saudi aims to achieve a balanced budget over time, he added.

Saudi Arabia has been taking serious steps since 2015 when oil prices started to drop sharply, in order to become less dependent on oil revenues.