Saudi Arabia's current account balance achieved a surplus in the first quarter of this year of $ 17.7 billion, according to figures contained in the monthly report of the Saudi Central Bank (SAMA) for the month of July. The current account surplus shrank in the first quarter of the year compared to the same period last year when it reached $ 39.6 billion. As a result of the decline in oil revenues (resulting from the decision to cut oil production «OPEC Plus») by about 15 percent year-on-year against a 24 percent increase in spending on imports, which reflects the rapid growth of capital spending, especially on mega projects, in addition to the strength of consumer spending. However, the significant rise in net inflows from tourism activities is indicative of progress in the Saudi government's income diversification efforts.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
