A “double blow” to the Saudi economy and government data revealing...

A “double blow” to the Saudi economy and government data revealing...
A “double blow” to the Saudi economy and government data revealing...
In a major blow to the Saudi economy, which mainly relies on oil money as its primary source of income, Reuters said that Saudi government data revealed today, Monday, a sharp decline in the value of Saudi oil exports last July.

According to the data quoted by the agency, the value of Saudi oil exports decreased by 46.4% year on year last July.

The data indicated a decrease in Saudi non-oil exports by 8.3% on an annual basis in July 2020 to 17424 million riyals.

The data also showed a decline in Saudi merchandise exports by 30.5% last July.

This year, the Saudi economy was subjected to a double blow, due to the drop in oil prices, the Corona crisis and its repercussions.

Saudi Arabia – a country that was famous for not imposing any taxes on its citizens – announced last May that it decided to triple the added tax from 5 percent to 15 percent and to stop paying the cost of living allowance from next month.

These steps come after the collapse of oil prices to less than half of what they were last year, which led to a decrease in government revenues by 22 percent and to the postponement of the implementation of a number of major projects.

The overall profits of the Saudi national oil company, , decreased by 25 percent in the first quarter of this year due to the collapse in crude oil prices.

“These measures reflect Saudi Arabia’s urgent need to cut spending and try to bring something of stability back to weak oil prices,” said Michael Stevens, a Gulf analyst.

He added that the Kingdom’s economy is in a poor state, and the task of returning it to a semi-normal state will take not a short time.

Also read: The Saudi economy collapses and losses are unprecedented in the history of the Kingdom thanks to the “teenage lover of foreign women”

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