Arab News, Thursday Aug 9,
2018 | Zul Qaadah 27, 1439
Budget Deficit Falls by 84
Percent in Saudi Arabia
The Saudi finance ministry said the country’s
budget deficit in the second quarter fell by 84 percent to 7.4 billion riyals.
Saudi Arabia also said revenues surged by more than two thirds in the second
quart er of the year to reach SR273.588 billion ($72.95 billion), supported by a
stronger oil price.
It means the overall deficit fell to SR7.361
billion, the Ministry of Finance said in a statement.
Oil revenues jumped by 82 percent compared to a
year earlier to reach SR184.165 billion.
“The announced second quarter 2018 financial
figures reflect the improvement in the public finances performance, which will
lead us to continue our reform plans aimed at achieving economic diversification
and financial sustainability,” said Saudi Finance Minister Mohammed Al-Jadaan.
The finance ministry said that the second
quarter figures reflected an improvement in economic activity — especially in
It based that claim on an uptick in cash sales
and cash withdrawals during the period.