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Saudi Arabia’s Q2 current account hits 8-year high thanks to oil sales

Saudi Arabia, Russia plan deep oil cuts in defiance of the US

The Saudi Ministry of Finance recorded growth in revenues during the second quarter of this year by 49% compared to the same period in 2021, to achieve a return of about 21 billion dollars, taking advantage of the recovery of the oil sector.

The Ministry of Finance said today, Thursday, in a statement on its website, that revenues amounted to 370.3 billion riyals ($98.7 billion), compared to expenses of 292.4 billion riyals ($77.9 billion), with a surplus of 77.9 billion riyals ($20.7 billion).

Saudi Arabia’s surplus in the first quarter of this year amounted to about 15 billion dollars, which means that it recorded the first half of about 36 billion dollars of surplus. The kingdom expects to record 90 billion riyals ($24 billion) of surplus in its 2022 budget.

The Saudi economy is growing by about 12%, benefiting from high oil prices

The significant rise in revenues for the second quarter of this year was driven by an 89% increase in oil revenues compared to the same period last year. Tax returns on income, profits, and capital gains increased by 42% compared to last year.

The real GDP of Saudi Arabia grew by 11.8% during the second quarter of this year, compared to what it was during the same period the previous year, taking advantage of the oil price boom, according to data from the General Authority for Statistics issued a few days ago.

The data revealed that the real GDP of oil activities achieved a growth of 23.1% compared to what it was in the same period in 2021, and the real GDP of non-oil activities achieved an increase of 5.4% compared to what it was in the same period of the previous year.

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