Bahrain’s Budget Deficit Doubles Amid Coronavirus Crisis And Low Oil Prices

  • Date: 12-Aug-2020
  • Source: Forbes
  • Sector:Economy
  • Country:Bahrain
  • Who else needs to know?

Bahrain’s Budget Deficit Doubles Amid Coronavirus Crisis And Low Oil Prices

Bahrain's budget deficit has almost doubled in the first half of the year, as a result of the twin hammer blows of the Covid-19 pandemic and low crude oil prices.

Figures released by the Ministry of Finance and National Economy yesterday showed that government revenues in the first half of 2020 fell to BD910 million ($2.4 billion), down 29% compared to the same period last year. Oil revenues were down 35%, as the price of crude plummeted amid lower global demand and a price war led by Saudi Arabia and Russia.

Non-oil activity was