Saudi Arabia posts $29 bln deficit in Q2 as oil revenues slump
Global Economy
28 July, 2020, 08:20 pm
Last modified: 28 July, 2020, 08:22 pm
Total expenditures in Q2 dropped annually by 17 percent to around $65 billion
FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah
Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices impacted state coffers, according to a finance ministry quarterly budget performance report.
The world's largest oil exporter saw oil revenues decline by 45 percent year-on-year in the second quarter to $25.5 billion while total revenues dropped 49 percent to nearly $36 billion.
Total expenditures in Q2 dropped annually by 17 percent to around $65 billion, the document showed.
($1 = 3.7502 riyals)
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