Bahrain’s government revenue down 29 percent in first half of 2020

Bahrain’s government revenue fell 29 percent in the first half of 2020 on the back of low oil prices and the coronavirus pandemic, the country’s state news agency said on Monday.

The Gulf country’s oil revenue dropped 35 percent, while its non-oil revenue was down 13 percent, BNA said. Government spending increased 2 percent in the first half.

In July, Bahrain said it would add around 177 million dinars ($470 million) to its 2020 state budget in emergency spending to fight the new coronavirus pandemic.

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Bahrain’s fiscal deficit is seen widening to 12 percent of gross domestic product this year from 4.6 percent in 2019, largely due to lower oil prices, S&P Global Ratings said in May.