By Innovation-sa on June 10, 2018 in News

Saudi Arabia, the world’s top crude exporter has seen a boost in its revenues after the recent surge in oil prices, noted Capital Economics, a London-based think-tank group on Tuesday.

The Kingdom has pulled itself out of recession and depicted a 1.5 percent economic growth in the first quarter of 2018, after having shrunk by 0.7 percent last year.

Oil prices escalated to approximately $80 a barrel last month from under $30 a barrel in early 2016 after OPEC and non-OPEC producers hit a deal to cut output. The crash in oil prices dipped the Kingdom into negative territory last year for the first time since 2009, a year after the global financial crisis.

To overcome the crisis, the Saudi government has announced a budget deficit in the last four years, borrowed from domestic and international markets, hiked fuel and power prices as well as introduced a five-percent value-added tax from January 2018.

Jadwa Investment, a Riyadh-based investment company said on Monday that Saudi fiscal reserves rose by $13.2 billion in April, marking its largest monthly increase since October 2013.