Higher expenditures on diversification from oil amid lower oil export revenues resulted in a widening budget deficit in Saudi Arabia, the world’s largest crude oil exporter. Saudi government deficit jumped by 80% from the first quarter to $1.4 billion (5.3 billion Saudi riyals) in the second quarter of 2023, as spending on social benefits and capital expenditures jumped, according to data from the Saudi Finance Ministry cited by Bloomberg.
Non-oil revenues rose substantially, but oil revenues only inched up 0.6% compared…Saudi Arabia’s Budget Deficit Jumps By 80% Due To Lower Oil Revenues
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