Saudi Government Revenue Surges Nearly 50% in Q1

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.

Q1 2019 saw the first quarterly fiscal surplus since at least 2016. Graphic via Jadwa Investment.

Q1 2019 saw the first quarterly fiscal surplus since at least 2016. Graphic via Jadwa Investment.

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).

[Click here to read the full report from Jadwa Investment] [Arabic]