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Saudi Revenues Up 15% During H1 2019

Saudi Minister of Finance Mohammed al-Jadaan
Saudi Minister of Finance Mohammed al-Jadaan
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Saudi Revenues Up 15% During H1 2019

Saudi Minister of Finance Mohammed al-Jadaan
Saudi Minister of Finance Mohammed al-Jadaan

Financial and structural reforms carried out recently by Saudi Arabia have proven their usefulness and effectiveness.

Figures reveal positive growth in public revenues and increased spending, stimulating the economy to be more active and achieve more growth, which exceeds local and global estimates.

Figures indicated a sharp decline in fiscal deficits during H1 2019 and a 14.4 percent rise in non-oil revenues due to improved economic activity and a package of reform initiatives.

Meanwhile, oil revenues increased by 15 percent year on year.

According to the second quarter performance report of the state's budget for the fiscal year 2019, significant growth in capital expenditure has been noticed during H1, with figures showing 22 percent growth in capital expenditure compared with the same period in 2018.

This growth coincided with progress in the implementation of housing and other developmental projects.

In this context, Saudi Minister of Finance Mohammed bin Abdullah al-Jadaan released the report on Tuesday.

Its results reflect an improvement in financial performance during H1 2019 compared to the same period last year, contributing to the achievement of this year’s targeted results.

They also confirm the effectiveness of the government’s financial and structural reforms, said Jadaan.

The minister drew attention to the increase of non-oil revenue as evidence of successful attempts to diversify government revenue sources.

The results also reflect progress in executing development projects in line with Saudi Vision 2030, he added.

The budget deficit during the first half of 2019 amounted to SAR5.7 billion ($1.5 billion), much lower than SAR41.7 billion in the corresponding period of the previous year.

Total revenues increased by 15 percent while total expenses increased by six percent.

In a statement, Jadaan said the government is in the process of balancing fiscal discipline and raising efficiency to realize the country’s financial targets for 2019.

The targets will be achieved by controlling the deficit rates in the budget and public debt while simultaneously implementing projects, programs, and initiatives to speed up economic growth and improve Saudi citizens’ overall well-being, he stressed.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."