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COMMERCIAL NEWS

Saudi Q2 revenues soar 67pc to $72.94bn

Aug 9, 2018 10:07 AM

Saudi Arabia s total revenues for the second quarter of the fiscal 2018 amounted to SR273.588 billion ( 72.94 billion) an increase of 67 per cent over the same quarter last year the Ministry of Finance...

Saudi Arabia's total revenues for the second quarter of the fiscal 2018 amounted to SR273.588 billion ($72.94 billion), an increase of 67 per cent over the same quarter last year, the Ministry of Finance's quarterly report said.
 
Non-oil revenues for the second quarter amounted to SR89.423 billion, a growth rate of 42% compared to the same quarter last year, a Saudi Press Agency report quoting the ministry's quarterly report said.
 
Oil revenues during the quarter amounted to SR184.165 billion, a growth rate of 82% compared to the same quarter last year, driven by improved oil prices in the world markets.
 
Total expenses during Q2 was SR280.950 billion, an increase of 34% compared to the same quarter last year.
 
Budget deficit for the quarter was SR7.361 billion, as the deficit rate declined due to positive growth in revenues.
 
Public debt rose from SR443.253 billion at the beginning of the year 2018 to SR536.954 billion by the end of the second quarter, it said.
 
The financial indicators for the performance of the general budget of the state for the first half of the fiscal year (H1) were as follows:
 
* Total revenues for the first half amounted to SR439.851 billion, an increase of 43% compared to the same period last year;
* Total expenses of SR481.542 billion, an increase of 26% compared to the same period last year;
* The actual disbursement rate at the end of the second quarter (first half of the year) was about 49% of the total estimated budget for the year.
* H1 deficit amounted to SR41.690 billion.
* Social sectors such as education, health, social development and municipal services accounted for 42% of the total expenditure, in the first half.
 
Commenting on the financial results, Minister of Finance Mohammed bin Abdullah Al Jadaan said: "The financial figures announced for the second quarter of this year reflect improvement in the performance of public finances and continued efforts to implement our reform-wise plans."
 
He pointed out that the improvement in financial performance was also accompanied by an improvement in economic performance, as the real gross domestic product (GDP) grew by 1.2% during the first quarter of this year, while the non-oil sector grew by 1.6%.
 
Preliminary economic indicators showed continued improvement in economic activity in the second quarter of this year, especially private consumption, cash sales and cash withdrawals increased during the period, as did private investment, the report said.
 
These indicators provide a positive outlook that bolsters optimism that the Saudi GDP will continue to improve for the second quarter, boosted by improved levels of government spending and investment, as well as the recovery of global oil markets.
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