Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Saudi Arabia reports nearly $11B Q3 budget deficit

by REUTERS

DUBAI Oct 28, 2020 - 5:11 pm GMT+3
Cars drive past the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. (Reuters Photo)
Cars drive past the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. (Reuters Photo)
by REUTERS Oct 28, 2020 5:11 pm
RECOMMENDED
A fruit and vegetable market in Bonn, Germany, Dec. 16, 2020. (Reuters Photo)

Europe's inflation eases to 6.1%, consumer relief still distant

inflation

Saudi Arabia posted a budget deficit of 40.768 billion riyals ($10.87 billion) in the third quarter this year, the Ministry of Finance said on Wednesday, as oil revenue continued to drop amid low oil prices and production cuts.

The deficit however more than halved when compared to the second quarter, amid an increase in overall government revenues.

The world's largest oil exporter faces a steep economic contraction this year as the coronavirus crisis hits global demand for crude, while virus containment measures weigh on non-oil economic sectors.

Still, despite a 30% yearly drop in oil revenues in the third quarter to 92.582 billion riyals, total revenues increased by 4% year-on-year to 215.577 billion riyals, partly thanks to tax increases.

Riyadh tripled a value-added tax to 15% in July to boost non-oil income, a move which several economists said could dampen domestic demand and slow economic recovery.

Revenue from taxes was significantly higher in the three months to the end of September, according to the quarterly budget performance report published by the ministry of finance. Overall non-oil revenues jumped by 63% year-on-year.

Government expenditure was up 7% on an annual basis to 256.345 billion riyals, with subsidies accounting for the biggest increase, rising to 8.189 billion riyals from 2.602 billion riyals in the same period a year earlier.

Saudi Arabia plans to cut spending next year to 990 billion riyals but expects the economy to return to growth as its management of the coronavirus crisis improves, a preliminary budget statement showed last month.

RECOMMENDED
A fruit and vegetable market in Bonn, Germany, Dec. 16, 2020. (Reuters Photo)

Europe's inflation eases to 6.1%, consumer relief still distant

inflation
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    saudi arabia saudi economy oil revenues oil demand oil prices covid-19 outbreak budget deficit
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    U.S. President Joe Biden (C) gestures as he and Hunter Biden (L) watch fireworks from the Truman Balcony of the White House in Washington, D.C., U.S., July 2022. (EPA Photo)

    Hunter Biden's alleged iCloud leak exposes inappropriate content

    hunter-biden
    Mayan pyramid and ruins in the famous Tikal National Park, Guatemala. (Getty Images Photo)

    Scientists discover 417 Mayan cities in Guatemala's forested area

    mayan-city

    Seed of modern Turkish diplomacy in China: Nanjing city

    Nanjing

    Turkish Airlines becomes world's 8th-strongest airline brand

    TURKISH-AIRLINES
    No Image
    Museum Of Egyptian Civilization opens ahead of mummy exhibition
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021