Saudi finance minister says on track to cut budget deficit to 7 percent of GDP

RIYADH (Reuters) – Saudi Arabia is on track on to cut its budget deficit to 7 percent of its gross domestic product this year, Finance Minister Mohammed al-Jadaan said on Wednesday.

Speaking at a conference in Riyadh, he also said the first quarter fiscal results show significant progress in growing non-oil revenues and raising spending efficiency in the kingdom.

Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023.

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