Saudi Arabia's budget deficit reaches about $9 bln in first quarter

Saudi Arabia's budget deficit reaches about $9 bln in first quarter
  • Clock-gray 12:46
  • calendar-gray 29 April 2020

Saudi Arabia's budget deficit has reached $9 billion in the first quarter of 2020, Al Arabiya reported, citing a performance report released by the Kingdom's Finance Ministry on Wednesday, APA reports citing Sputnik. 

According to the report, the Kingdom obtained about $51.219 billion in revenues, which is 22 percent down from the first quarter of 2019. Meanwhile, its expenditures amounted to $60.314 billion.

Saudi Arabia's oil and non-oil revenues also dropped 24 percent and 17 percent, respectively, the report says.

In mid-April, Saudi Arabian Finance Minister Mohammed al-Jadaan warned that oil revenues in relation to GDP would fall significantly, but also said that the Kingdom was "focused on income from other sectors of the economy; our goal is to diversify the economy".

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