The quarterly report on the performance of the general budget in Saudi Arabia showed attaining revenues of SAR 260.706 billion over the three months from April to June 2019. On the other hand, the budget expenditure of the Kingdom amounted to SAR 294.226 billion. Consequently, the budget deficit during the second quarter amounted to about 33.52 billion riyals.
The volume of internal and external borrowing during the first half of this year (6 months) amounted to 67.9 billion riyals, while the debt balance at the end of June 2019 amounted to about 627.8 billion riyals.
Non-oil revenues increased by 14.4 percent in connection with improved economic activity and the implementation of reform initiatives. Tax revenue on goods and services increased by 48% as a result of the increase in value added tax (VAT) and cash receipts for expatriates. Taxes on trade and international transactions also increased by 10% as the economic activity improved.
In parallel, oil revenues rose by 15 percent compared to the same period last year, driven by the proceeds from oil profits.
Source: (Al-Arabiya.net, Edited)