Bahrain: Global crisis leads to a revenue fall of 29%
Government revenue fell 29 percent in the first half of 2020 on the back of low oil prices and the global slowdown due to the coronavirus pandemic.
Due to low oil prices, oil revenue decreased by 35%, in comparison to the same period during the fiscal year of 2019.
A fall of 13% was noted in non-oil revenue, in comparison to the same period last year, as a result of a decrease in economic activity globally, regionally, and locally, and due to the waiving of government service fees during the coronavirus (COVID-19) global pandemic.
Government spending increased 2 percent in the first half.
The actual deficit for the biannual report for the fiscal year 2020 amounted to BHD 798 million, an increase of 98% compared to the biannual deficit for the fiscal year 2019.
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.
