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Saudi budget deficit shrinks from year ago due to higher oil rates, reforms

Deficit dropped to 46.5 bn riyals in April-June period from about 58.4 bn riyals a year ago

Reuters  |  Riyadh 

Saudi Arabia's state budget deficit shrank by a fifth in the second quarter from a year earlier as revenues rose moderately on the back of higher oil prices. The deficit dropped to 46.5 billion riyals ($12.4 billion) in the April-June period from about 58.4 billion riyals a year earlier, data from the finance ministry showed on Sunday. It expanded from 26.2 billion riyals in the first quarter of this year, however. Saudi officials said the figures showed the world's largest oil exporter was making good progress in repairing state finances that have been severely damaged ...

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First Published: Sun, August 13 2017. 17:20 IST