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.
FILE PHOTO: A Saudi flag flutters atop Saudi Arabia's consulate in Istanbul, Turkey October 20, 2018. REUTERS/Huseyin Aldemir
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%. Economists have said this could restrict recovery as curbs aimed at reducing the spread of the cornavirus are lifted.The IMF has estimated the economy could shrink by 6.8% this year, a figure Saudi officials have said was “pessimistic”.
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