{"id":194309,"date":"2021-05-05T11:10:33","date_gmt":"2021-05-05T11:10:33","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=194309"},"modified":"2021-05-05T11:10:36","modified_gmt":"2021-05-05T11:10:36","slug":"saudi-budget-deficit","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/saudi-budget-deficit\/","title":{"rendered":"Saudi Arabia&#8217;s budget records a deficit of more than 7 billion riyals this year"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Saudi Arabia&#8217;s budget recorded a deficit of 7.4 billion riyals ($2 billion) during the first quarter of 2021, as oil prices and the rest of the revenues failed to meet current expenditures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Budget revenues increased in the first quarter by 7% on an annual basis, to reach 204.8 billion riyals ($54.6 billion), according to data released by the Saudi Ministry of Finance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This result came dispute the decline in oil revenues by 9% to 116.6 billion riyals due to Saudi Arabia&#8217;s production cuts in compliance with the <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjPxf-ls7LwAhVOyoUKHd6FB70QFjAAegQIAhAD&amp;url=https%3A%2F%2Fwww.eia.gov%2Ftodayinenergy%2Fdetail.php%3Fid%3D45236&amp;usg=AOvVaw2TOx9pGdDoz1kJ107Cgvlo\">OPEC+ agreement<\/a>, as of May 2020.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Saudi budget deficit<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, non-oil revenues increased by 39% to 88.2 billion riyals. Saudi Arabia had raised value-added tax from 5% to 15%, as of July 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country\u2019s public debt increased by 6% to 901.4 billion riyals ($240.4 billion) at the end of the first quarter, compared to 853.5 billion riyals by the end of 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saudi Arabia, the world&#8217;s largest oil exporter, is currently suffering from a decline in its financial revenues as a result of the decline in oil prices due to pandemic impact on demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Saudi budget recorded a deficit in the 2020 budget of $79.5 billion, after achieving revenues of $205.5 billion while spending $285 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government announced that the spending during 2021 will be at $264 billion in return for $226 billion in revenue, expecting a deficit of $38 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For its part, the International Monetary Fund expected the real GDP of Saudi Arabia to grow by 2.1% this year and 4.8% in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fund said that non-oil growth is expected to reach 3.9% this year and 3.6% in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the real oil GDP is expected to contract by 0.5% in light of the production levels agreed upon in the OPEC+ agreement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saudi Arabia&#8217;s GDP contracted by 4.1% last year, compared to a growth of 0.3% in 2019, under pressure from the pandemic and the decline in oil prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last December, Saudi Arabia approved 2021 budget with 990 billion riyals ($263.91 billion), a decrease of nearly 7% from 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Keep reading: <a href=\"https:\/\/www.bnreport.com\/en\/saudi-arabia-electric-cars\/?amp\">Saudi Arabia Explores Building Its Own Electric Cars Manufacturer<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia&#8217;s budget recorded a deficit of 7.4 billion riyals ($2 billion) during the first quarter of 2021, as oil prices and the rest of the revenues failed to meet current expenditures. Budget revenues increased in the first quarter by 7% on an annual basis, to reach 204.8 billion riyals ($54.6 billion), according to data [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":194313,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,576],"class_list":["post-194309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-saudi-arabia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saudi Arabia&#039;s budget records a deficit of more than 7 billion riyals this year<\/title>\n<meta name=\"description\" content=\"Bnreport - Saudi Arabia&#039;s budget recorded a deficit of 7.4 billion riyals ($2 billion) during the first quarter of 2021\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/saudi-budget-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia&#039;s budget records a deficit of more than 7 billion riyals this year\" \/>\n<meta property=\"og:description\" content=\"Bnreport - 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