July 28, 2020 / 2:20 PM / 9 days ago

Saudi Arabia posts $29 bln deficit in Q2 as oil revenues slump

DUBAI, July 28 (Reuters) - Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12 billion) in the second quarter this year as low oil prices impacted state coffers, according to a finance ministry quarterly budget performance report.

The world’s largest oil exporter saw oil revenues decline by 45% year-on-year in the second quarter to $25.5 billion while total revenues dropped 49% to nearly $36 billion.

Total expenditures in Q2 dropped annually by 17% to around $65 billion, the document showed. ($1 = 3.7502 riyals) (Reporting by Davide Barbuscia; Editing by Jon Boyle)

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