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Saudi Arabia’s oil revenue in Q2 highest in last three years

Saudi Arabia has shown impressive recovery from the pandemic-induced slowdown and is riding high on its oil revenue

[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia has just announced its oil revenues and revealed a staggering $66.8 billion surplus for the first half of 2022.

According to the data released by the Ministry of Finance, the Kingdom’s total oil revenue has increased by 75% year-on-year, and 89% in Q2. The non-oil revenue is also up by 5% in the first half of 2022.

The official data also reveals that the overall revenue saw a spike of 49% in the second quarter while it stands at 43% when talking about the numbers of the year’s first half. This has resulted in a $20.8 billion budget surplus during the year’s second quarter.

The country has shown impressive recovery post the COVID-19 pandemic and has been riding high on the increased oil prices.

The massive increase in oil revenue resulted from the ongoing Russia-Ukraine war. Even the data released by IMF a few days back said that the Saudi economy is growing at a rate of 7.66% – the highest among all the global economies, including developed, developing, and emerging markets.

Moreover, IMF has also predicted that the Kingdom’s economy will continue the upward trend even in the next year.

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