Saudi Arabia recorded a budget deficit of SR109.2bn ($29.12bn) 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 total oil revenues fell 45% on an annual basis in the second quarter of this year. While non-oil revenues decreased 55 percent; which is estimated at SR38bn in the second quarter compared to SR85bn in the same period last year.
Total revenues figure in the second quarter was SR133.9bn, while expenses amounted to SR243.1bn. The oil revenues recorded a fall because of a drop in oil prices. According to the statement, during the first half of 2020; actual revenues amounted to SR326bn and expenses stood at SR469.3bn while the deficit accounted for SR143.3bn.
The statement added that the Saudi government reduced its actual spending; during the first half of this year by eight percent (SR42.4bn) to SR469.4bn compared to SR511.8bn in the same period last year.