Saudi Arabia posts $29 billion deficit in second quarter as oil revenues slump - Reuters:
Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices hurt revenues, a finance ministry report published on Tuesday showed.
The coronavirus crisis has hurt the non-oil sectors of the world’s largest oil exporter this year, adding to the impact of historic price lows on the economy.
Second quarter oil revenues fell by 45% year-on-year to $25.5 billion. Total revenues dropped 49% to nearly $36 billion.
Total second-quarter expenditures dropped annually by 17% to around $65 billion, the report on quarterly budget performance showed, although spending increased when compared to Q1 by 7.5%.
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