Saudi Arabia recorded a budget surplus for the first time since 2014


During a financial summit held in Riyadh on Wednesday, Saudi Finance Minister Mohammed al-Jadaan reported that following the results of the first quarter, the country recorded a budget surplus of 27 billion 800 million Saudi riyals for the first time since 2014. The Saudi economy in 2014 suffered as a result of the sharp decline in oil prices that began in the world. According to the Minister of Finance, in the first quarter, revenues from oil exports increased, as well as non-oil revenues. Budget revenues increased by 48%, while spending increased by 8%. The oil sector provided a growth in budget revenues of $149 billion riyals, while non-oil revenues also increased significantly, reaching $76,300 million riyals. The country's GDP in 2018 increased by 2.2%. The share of the non-oil sector in its volume amounted to 56.2%. Last year, the budget deficit fell to 5.9% of GDP from 9.3% of GDP in 2017.

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