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

SourceSaudi Gazette
SectorEconomy
CountrySaudi Arabia

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...read more...