The finance ministry attributed the development to the growth in revenues.
Saudi Arabia’s finance ministry has announced that the Kingdom’s budget deficit narrowed to SAR 7.36 billion ($1.96 billion) in Q2 2018 from SAR 34.3 billion in Q1, reported Reuters.
In a statement, the finance ministry said that Saudi Arabia has forecast a deficit of 7.3 per cent of gross domestic product (GDP), which amounts to SAR 195 billion this year, down from SAR 230 billion last year.
Saudi Arabia is working on a number of economic reforms aimed at diversifying its oil-reliant economy, aiming to balance its budget by 2023.
Total revenues increased by 67 per cent to reach SAR 273.6 billion compared to the same period last year and non-oil revenues were up by 42 per cent year reaching SAR 89.4 billion.