RIYADH, Saudi Arabia, April 25 (NNN-SPA) – Saudi Arabia announced achieving a budget surplus in the first quarter of this year, which is the first since 2014.
The surplus reached 27.8 billion Saudi riyals (7.4 billion U.S. dollars), Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, said, at the Financial Sector Conference in Riyadh.
He highlighted that, revenues increased by 48 percent in the first quarter of 2019, compared to the same quarter in 2018, while total spending rose by eight percent for the same period.
The minister revealed that, non-oil revenues in the first quarter of 2019 grew at a rate three times higher than they did in 2014, totalling 76.3 billion Saudi riyals (20.3 billion U.S. dollars) compared to 21.9 billion Saudi riyals (5.8 billion U.S. dollars) in 2014.
“This year’s budget clearly attests to the fact that the Kingdom’s fiscal policy is progressing towards achieving its Vision 2030-related objectives,” the minister said.– NNN-SPA
