Introduction

Abdulaziz M. Aldukheil

A chapter in Saudi Government Revenues and Expenditures, 2013, pp 1-5 from Palgrave Macmillan

Abstract: Abstract When the Kingdom of Saudi Arabia was founded in 1932, it was one of the poorest countries in the world. Relying on limited revenue from agriculture and pilgrimage, it was in an area that most of Europe considered the middle of nowhere. In 1938, government revenue was only SR25 million ($7 million), 50 percent of which was from import customs, and the rest from religious pilgrims. Only about $267,000 of the Saudi government’s revenue came from oil royalties.1 In 1938, oil was discovered in the eastern region of the country, but full-scale exploration and development of Saudi Arabia’s oil began only in 1941. With oil revenue pouring into the kingdom’s treasury like the desert heat, the kingdom extended its spending in various political and social arenas.2

Keywords: Gross Domestic Product; Financial Crisis; Saudi Arabia; Government Expenditure; Government Revenue (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-34292-8_1

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DOI: 10.1057/9781137342928_1

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