Saudi Budget Deficit Blows Out to $9.5 Billion as Revenues Slip
- Oil output cuts hit economy, contribute to wider budget gap
- Breakeven oil price is seen at over $86 by Bloomberg Economics
Riyadh, Saudi Arabia.
Photographer: Jeremy Suyker/BloombergThis article is for subscribers only.
Saudi Arabia posted a budget deficit in the third quarter that was almost seven times larger than in the previous three months, as the world’s biggest crude exporter endured a decline in both energy and non-oil income.
The government’s shortfall came in at 35.8 billion riyals ($9.5 billion) in the three months ended in September, according to a budget report from the Ministry of Finance published late Wednesday.