Saudi Arabia posts SR109bn deficit in Q2 as revenues fall 49% – Saudi Gazette

Saudi Arabia posts SR109bn deficit in Q2 as revenues fall 49% – Saudi Gazette

Okaz/Saudi Gazette

RIYADH “” Saudi Arabia recorded a budget deficit of SR109.2 billion ($29.12 billion) in the second quarter of 2020, according to a statement of the Ministry of Finance on Tuesday. There has been a fall of 49 percent in the Kingdom's total revenues on a year-on-year basis in the same quarter.The statement revealed that the total oil revenues fell 45 percent on an annual basis in the second quarter of the current year, while non-oil revenues decreased 55 percent, which is estimated at SR38 billion in the second quarter compared to SR85 billion in the same period last year.Total revenues figure in the second quarter was SR133.9 billion, while expenses amounted to SR243.1 billion. The oil revenues recorded a fall because of a drop in oil prices. According to the statement, during the first half of 2020, actual revenues amounted to SR326 billion and expenses stood at SR469.3 billion while the deficit accounted for SR143.3 billion.The statement added that the Saudi government reduced its actual spending during the first half of this year by eight percent (SR42.4 billion) to SR469.4 billion, compared to SR511.8 billion in the same period last year.