Saudi deficit could fall below 5 percent if oil averages $60: Moody’s

DUBAI: The Saudi budget deficit could narrow to below 5 percent of GDP if oil averages around $60-a-barrel this year, said Moody’s.
That compares to a deficit of 11.2 percent of GDP last year.
Saudi Arabia reduced its budget deficit to SR7.4 billion ($1.97 billion) in the first quarter of the year, the finance ministry said on Tuesday, as the government reaped the benefits of reforms introduced last year.