Riyadh – Mubasher: Saudi Arabia’s sizable growth in revenues led to recording the kingdom’s first quarterly fiscal surplus of SAR 27.8 billion ($7.41 billion) since 2016 despite the increase in expenditures, Jadwa Investment said in a report.
The kingdom’s revenues hiked by 48% year-on-year to SAR 245 billion in Q1-19, while expenditures rose by 8% to SAR 218 billion during the same period, the report added.
Meanwhile, Saudi Arabia’s oil revenues soared by 48% year-on-year to SAR 169.087 billion on the back of SAR 124 billion in dividends received from the state-run oil giant in Q1-19.
In addition, the GCC nation’s non-oil revenues grew by 46% year-on-year to SAR 76.319 billion, supported by an increase in expat levies.
