Saudi Arabia’s budget deficit declines by 84% in second quarter

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Time :August 08, 2018

Saudi Arabia’s oil revenues jumped by 82 percent compared to a year earlier to reach SR184.165 billion. (Courtesy Saudi Aramco)

  • Revenues surged by more than two thirds in the second quarter of the year to reach SR273.588 billion
  • Finance ministry said that second quarter figures reflected an improvement in economic activity

LONDON- 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 quarter 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 private consumption.

It based that claim on an uptick in cash sales and cash withdrawals during the period.

This article was first published in  ARAB NEWS

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