Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment.
Both oil and non-oil revenue saw sizable rises.
Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend received from Saudi Aramco in March.
Non-oil revenue was up by 46 percent year-on-year with 77 percent of the yearly gains coming from “taxes on goods and services,” which near doubled year-on-year to SR41 billion ($11 billion), Jadwa said in a report, adding that the vast majority of revenue from this segment came from rises in expat levies.
Government spending and debt also increased. Government expenses rose by 8 percent year-on-year in Q1 2019, to a total of SR217 billion ($58 billion).
All told, Q1 2019 saw the first quarterly fiscal surplus since at least 2016, Jadwa said, reaching SR 28 billion ($7.5 billion).