Tax reforms are providing a boost to Saudi Arabia’s efforts to diversify the economy, but the kingdom’s “addiction to oil” remains.
Saudi Arabia’s Budget Performance Report for 1Q 2018, published this week, showed revenue for Q1 rising 15.4% year-on-year to $44.3bn. The key boost was in non-oil income: oil revenue, at $30.3bn, was up just 1.7% year-on-year. However, oil still retains its stranglehold on the economy, contributing 68.5% of total revenue, more than the full year 2017 figure of 63%. (CONTINUED - 875 WORDS)