Confidence in economy
The first quarter results of this year clearly show that the economy is performing well, as expected. It reveals early successes of Saudi Vision 2030 which is based on diversifying sources of income and achieving financial sustainability. There is also a high rate of growth registered in non-oil revenues as a natural result of the objectives of the Financial Balance Program.
As for investment and operational spending, the total revenue for the first quarter has increased by15% as against the same quarter in 2017. Non-oil revenue has jumped by 63% compared to the first quarter of 2017. This surely does reflect of the Kingdom’s astute financial planning.
The private sector has contributed to an increase in non-oil revenue, proving it to be an important pillar of Vision 2030, and may well spearhead the future growth of the economy.
The deficit has dropped significantly in line with an increase in oil prices which are expected to increase further following the historic Saudi-Russian agreement on outputs. Oil revenue has also increased by 2% as against the same quarter of last year.
The results further show an important progress in the financial sustainability process and achievement of the Financial Balance Program objectives for 2023. This is because of the healthy growth in non-oil revenue and the balanced and efficient government spending.
All the objectives and implementation programs of Vision 2030 have come into effect. The Vision drives the Kingdom’s economic progress and is a true example to be followed by many other countries.