Saudi Arabia shrinks Q2 budget deficit as revenue rises 6%

Saudi Arabia’s state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally, finance ministry figures showed on Sunday.

Revenues increased six percent from a year ago to 163.9 billion riyals ($43.7 billion); oil revenues jumped 28 percent to 101.0 billion riyals because of higher international oil prices.

Spending dropped 1.3 percent to 210.4 billion riyals in the second quarter, leaving a deficit of 46.5 billion riyals compared to about 58.4 billion riyals a year earlier.