Crude revenue jump narrows Saudi deficit

Riyadh

SAUDI Arabia's second-quarter budget gap narrowed to 46.5 billion riyals (S$17 billion) from the same period last year after income from oil advanced, while non-oil revenue fell.

Total revenue climbed 6 per cent in the second quarter to 163.9 billion riyals, after income from crude jumped 28 per cent, the finance ministry said in a statement. That helped narrow the deficit from 58.4 billion riyals in the same period last year, even though revenue from non-oil sources fell by 17 per cent. Spending dropped 1.3 per cent, to 210.4 billion riyals.