Saudi Arabia cuts Q1 deficit, reaping benefits of fiscal measures

Saudi Arabia cuts Q1 deficit, reaping benefits of fiscal measures

DUBAI - Saudi Arabia reduced its budget deficit to 7.4 billion riyals ($1.97 billion) in the first quarter of the year, the finance ministry said on Tuesday, as the government reaps the benefits of consolidation measures introduced last year.

The kingdom, the Arab world's largest economy and the world's top oil exporter, cashed in 117 billion riyals in oil revenue in the first quarter - 9% below the first three months of 2020.