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Data released by the Saudi Finance Ministry on Wednesday showed that Saudi Arabia’s budget deficit reached 15.341 billion riyals (4.09 billion U.S. dollars) in the second quarter of this year, three times the deficit in the same period last year.
Total revenues rose 12% to 353.6 billion riyals in the quarter, but this was offset by a 15% increase in expenses to about 369 billion riyals.
Oil revenues in the same quarter reached 212.99 billion riyals, up 18% from the second quarter of last year, while non-oil revenues grew 4%.
During the three-month period, support grants increased 68% year-on-year, while capital expenditure increased 50% year-on-year.
According to the budget execution report released by the ministry, the budget deficit reached 27.7 billion riyals by the end of the first six months of this year. The government expects a full-year deficit of 79 billion riyals.
The International Monetary Fund earlier this month cut its Saudi economic growth forecast by about one percentage point to 1.7%, and estimated that Saudi Arabia needs an oil price of $96.2 to balance revenue and spending in 2024.
Saudi Arabia’s total public debt stood at 1.149 trillion riyals at the end of June, compared with about 1.05 trillion riyals at the end of last year. (Reuters)
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