RIYADH, Saudi Arabia, July 31 (NNN-SPA) – Saudi Arabia announced a cut in the state budget deficit, and an increase in non-oil revenues, in the first half of 2019.
Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, released the second quarter performance report of the state’s budget, for the fiscal year 2019.
The data reflects an improvement in financial performance, during the first half of this year, compared with the same period of the previous year.
The budget deficit during the first half of 2019 amounted to 5.7 billion Saudi riyals (1.5 billion U.S. dollars), much lower than the 41.7 billion riyals, in the corresponding period of the previous year.
Total revenues increased by 15 percent, while total expenses increased by six percent.
Results of the financial performance in the first half of 2019, showed an increase in non-oil revenues by 14.4 percent, resulting from improvement in economic activity and implementation of the reform initiatives.
Meanwhile, oil revenues increased by 15 percent, year on year.– NNN-SPA
