Saudi Arabia’s budget data for the first quarter of this year released today, Tuesday, showed that the Kingdom’s quarterly revenues amounted to 205 billion riyals, compared to expenditures worth 212 billion riyals, bringing the budget deficit to 7.4 billion riyals.

The Kingdom's revenues from oil in the first quarter amounted to 117 billion riyals, while non-oil revenues amounted to 88 billion riyals for the same quarter.

Thus, the oil revenues of Saudi Arabia accounted for 57% of the total revenues of the first quarter of this year.

The International Monetary Fund predicted real GDP growth in Saudi Arabia of 2.1% this year and 4.8% next year, compared to a previous estimate of the fund at 4%.

A statement by the fund stated that the expected growth of Saudi non-oil GDP will reach 3.9% in 2021 and 3.6% in 2022. Real GDP will shrink 0.5% in 2021 in light of the levels of oil production agreed upon in the framework of OPEC +.

The fiscal deficit is expected to drop to 4.2% of GDP this year, which is slightly lower than expected in the budget.