The revenu­es in the first nine months rose to $120 billio­n, a 23 per cent surge compar­ed to last yearRIYADH: Saudi Arabia appears set to post a lower-than-expected budget deficit this year as oil revenues rebounded and the kingdom kept public spending in check, official figures showed Monday. Faced by a persistent budget shortfall, the world’s largest oil exporter has embarked on an ambitious reform programme to curb expenditure and lessen its dependence on crude. The kingdom will on Tuesday announce the financial results for 2017 and next year’s budget, with experts predicting the Saudi economy has shrunk for the first time since 2009. The revenue boost was mainly due to a 33 per cent jump in oil income to $82 billion as crude prices rebounded to above $60 a barrel thanks to an output cut by major OPEC and non-OPEC producers. To further boost income the kingdom plans to introduce a five-per cent value-added tax (VAT) in the new year.

Source: The Express Tribune December 18, 2017 12:33 UTC