The Ministry of Finance issued on Wednesday the quarterly report on the performance of the state budget, in the second quarter of the Fiscal Year 2018-2019.
The report included several indicators and data reflecting government's commitment to transparency and financial disclosure, strengthening the governance and control of public finances.
Total revenues for the second quarter amounted to SR273.588 billion, an increase of 67 percent over the same quarter last year. Non-oil revenues for the second quarter amounted to SR89.423 billion, a growth rate of 42 percent compared to the same quarter last year.
Oil revenues during the second quarter amounted to SR184.165 billion, a growth rate of 82 percent compared to the same quarter last year, driven by improved oil prices in the world markets.
Total expenses during the second quarter amounted to SR280.950 billion, an increase of 34 percent compared to the same quarter last year.
Budget deficit for the second quarter was SR7.361 billion, as the deficit rate declined due to positive growth in revenues. Public debt rose from SR443.253 billion at the beginning of 2018 to SR536.954 billion by the end of the second quarter.
The financial indicators for the performance of the general budget of the state for the first half of the Fiscal Year 2018 showed total revenues for the first half amounted to SR439.851 billion, an increase of 43 percent compared to the same period last year.
Total expenses for the first half amounted to SR481.542 billion, an increase of 26 percent compared to the same period last year.
The actual disbursement rate at the end of the second quarter (first half of the year) was about 49 percent of the total estimated budget, during the year.
Deficit in the first half amounted to SR41.690 billion.
Social sectors such as education, health, social development and municipal services accounted for 42 percent of the total expenditure, in the first half.
Commenting on the financial results for the second quarter, the Minister of Finance Mohammed bin Abdullah Al Jadaan said: "The financial figures announced for the second quarter of this year reflect improvement in the performance of public finances and continued efforts to implement our reform plans.”
The Ministry of Finance is working side by side with other government agencies through the continuous coordination of efforts to harmonize policies and procedures in support of the Kingdom's macroeconomic stimulus and to achieve the goals of the Fiscal Balance Program.
He pointed out that the improvement in financial performance was also accompanied by an improvement in economic performance, as the Real Gross Domestic Product (GDP) grew by 1.2 percent during the first quarter of this year, while the non-oil sector grew by 1.6 percent.
Preliminary economic indicators showed continued improvement in economic activity in the second quarter of this year, especially private consumption, cash sales and cash withdrawals increased during the period, as did private investment.
