S Arabia’s Budget deficit shrinks as revenues rise

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 AprilJune 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 figures showed the world’s largest oil exporter was making good progress in repairing state finances that have been severely damaged by slumping oil prices in the last three years.