"The kingdom's budget shortfall widened to 125.7 billion riyals ($33.5bn) in the first three months of the year as rising government spending coincided with a fall in crude sales."
"Total government spending rose 20 percent to 386.7 billion riyals year-on-year, while oil revenues fell 3 percent to 144.7 billion riyals, according to the figures."
"As the world's top oil exporter, Saudi Arabia lost a key economic lifeline with the collapse of shipping in the strait, though the kingdom has been able to reroute much of its exports through the Red Sea port of Yanbu."
Saudi Arabia's budget deficit reached 125.7 billion riyals in the first quarter, more than double last year's shortfall. Government spending rose 20% to 386.7 billion riyals, while oil revenues fell 3% to 144.7 billion riyals. The deficit significantly deviates from earlier projections of a 65 billion riyals deficit for 2026. Economic resources spending increased by 52%, with military and infrastructure expenditures also rising. The closure of the Strait of Hormuz has impacted oil exports, although some rerouting has occurred through the Red Sea.
Read at www.aljazeera.com
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