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Saudi deficit down in Q2 on higher revenues

Saudi deficit down in Q2 on higher revenues
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Riyadh - Mubasher: The data of the Saudi finance ministry showed a decline in the public budget deficit to SAR 7.36 billion ($1.96 billion) in the second quarter of 2018, due to a strong growth in revenues.

Deficit reached SAR 41.69 billion ($11.11 billion) for the first half of the year.

Saudi public revenues surged by 67% year-on-year in Q2-18, with non-oil revenues increasing by 42%.

Meanwhile, oil revenues rose by 82% to SAR 184.17 billion ($49.11 billion), on the back of rising crude prices.

Public expenditure in Q2-18 totalled SAR 280.95 billion, increasing by 34% quarter-on-quarter.

As for the first half of the year, revenues rise 43% to SAR 439.85 billion, while expenditure went up 26% to SAR 481.54 billion.