By Innovation-sa on August 13, 2018 in News

Saudi Arabia’s budget deficit fell by 84 percent to 7.4 billion riyals in the second quarter of 2018, according to figures from the Ministry of Finance.

During the second quarter, revenues increased by more than two thirds to reach SR273.588 billion, indicating an improvement in economic activity.

In contrast to the previous year, oil revenues surged by 82 percent to reach SR184.165 billion, which also contributed to narrowing the budget deficit.

Mohammed Al-Jadaan, Saudi Arabia’s Finance Minister said that the announced second quarter 2018 financial figures reflect improvement in the public finances performance, which will lead the Kingdom to continue its reform plans aimed at achieving economic diversification and financial sustainability.