#Saudi expects wider 2020 budget deficit of $50 billion - finance minister - Reuters

Saudi expects wider 2020 budget deficit of $50 billion - finance minister - Reuters:

Saudi Arabia expects its budget deficit to widen to 187 billion riyals ($49.86 billion), or 6.5% of gross domestic product (GDP), next year from a projected 131 billion riyals for this year, or 4.7% of GDP, the finance minister said on Thursday, as lower oil prices hit revenues.

Minister Mohammed al-Jadaan told a news briefing revenues would go down to 833 billion riyals in 2020 from 917 billion riyals projected for 2019.

Saudi Arabia, the largest economy in the Arab world and the world’s largest crude exporter, has suffered in recent years because of low oil prices and austerity measures aimed at reducing its deficit.