The Saudi Ministry of Finance revealed that the total oil revenues decreased by 45% year-on-year in the second quarter, as revenue amounted to 133.9 billion riyals, while expenditures amounted to 243.1 billion riyals. The kingdom's total revenues decreased by 49%, with oil prices and revenues falling. While the total expenses rose to 17% on an annual basis.
The Saudi budget recorded a deficit of 109.2 billion riyals in the second quarter. During the first half of 2020, the actual revenues amounted to 326 billion riyals, expenses to 469.3 billion riyals, while the deficit amounted to 143.3 billion riyals.
The Saudi budget recorded a deficit of 143.3 billion riyals (38.2 billion dollars), with the decline in oil prices due to the “Coronavirus”, while budget revenues in the first half decreased by 36 percent to 326 billion riyals, and this resulted from a decline in oil revenues by 35 percent to 224.5 billion riyals (59.9 billion dollars), due to the decline in crude prices globally. Non-oil revenues also fell by 37 percent to 101.5 billion riyals ($27.1 billion), due to the precautionary measures to confront the Coronavirus, which necessitated the suspension of most economic activities. The Saudi public debt rose 21 percent to 819.9 billion riyals ($218.6 billion) at the end of the first half, compared to 677.9 billion riyals ($180.8 billion) at the end of 2019.
Source (Al-Arabiya.net website, Edited)
