Revenues boost Saudi Arabia's first-quarter budget, expenditure up 8% - Reuters:
Saudi Arabia posted a surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, its first since 2014 and boosted by both oil and non-oil revenues.
The world’s top oil exporter was hit hard by a slump in oil prices in 2014, leading to a budget deficit of 367 billion riyals, or about 15 percent of gross domestic product, in 2015.
Over the past few years it has embarked on a number of reforms aimed at diversifying the economy away from its dependence on oil.
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