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Saudi non-oil revenues up 80% as reforms pay off
[ARABNEWS] Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... ’s economic reform plans are paying off, with an 80 percent hike in the country’s non-oil revenues in the third quarter of 2017, figures published Sunday show. The Kingdom, hit hard by the crash in energy prices from mid-2014, last year unveiled the ambitious Vision 2030 plan, which aims to wean the economy off its "addiction" to oil. That plan appears to be working, with non-oil revenues hitting SR47.8 billion ($12.7 billion) in the third quarter, and total revenues up 11 percent to SR142.1 billion. The former statistic highlights "the feasibility of the economic reforms" underway, the Ministry of Finance said in its budget performance update. The figures also show increased efficiency in public spending and a further reduction of the deficit. "The government continued to prioritize expenditure that directly benefits its citizens, with education being the single largest sector spend in the first nine months of 2017," the ministry said. Posted by: Fred 2017-11-21 |
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