The budget of the Kingdom of Saudi Arabia showed a deficit of 34.107 billion riyals ($ 9.09 billion) during the first quarter of 2020.

The Saudi Finance Ministry said today, Wednesday, that oil revenues were severely affected by the decline in global prices, demand and excess supply in the wake of the Corona virus crisis.

Saudi Arabia had a surplus of $ 7.04 billion in the first quarter of 2019.

The kingdom, which is trying to diversify its oil-dependent economy, expected a deficit of 187 billion riyals, or 6.4% of GDP this year, a sharp increase from 131 One billion riyals last year.

The Finance Ministry said in a statement on its website that the total revenue for the first quarter amounted to 192.072 billion riyals, down 22% on an annual basis.

Oil revenues fell 24% to 128.771 billion riyals in the same period, mainly driven by a decline in global demand for crude and its prices, as the outbreak of the Corona virus paralyzed parts Large part of the global economy.

Saudi Arabia, the largest oil exporter in the world, recorded more than 20,000 cases of the virus as of Tuesday and 152 deaths.

The Ministry of Finance said that non-oil revenues also fell 17% to 63.3 billion riyals in that period. Total expenses amounted to 226.179 billion riyals, up 4% from last year.

Finance Minister Mohammed Al-Jadaan said last week that he expected Corona to cause a decline in activity in the non-oil private sector this year.