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Saudi Arabia posts $29 billion deficit in second quarter as oil revenues slump

Published 28/07/2020, 15:21
© Reuters. A Saudi flag flutters atop Saudi Arabia's consulate in Istanbul

DUBAI (Reuters) - Saudi Arabia posted a deficit of 109.2 billion riyals (22.5 billion pounds) 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% year-on-year in the second quarter to $25.5 billion (19.8 billion pounds) while total revenues dropped 49% to nearly $36 billion.

© Reuters. A Saudi flag flutters atop Saudi Arabia's consulate in Istanbul

Total expenditures in second quarter dropped annually by 17% to around $65 billion, the document showed.

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