Font Size

- Aa +

Mon 20 Dec 2010 06:12 PM

Font Size

- Aa +

Saudi budget plans for $154.7bn spend in 2011

The largest Arab economy and top OPEC exporter expects 2010 actual revenues at $196bn

Saudi budget plans for $154.7bn spend in 2011
Saudi Arabia says it expects 2010 real GDP growth to be 3.8 percent and inflation to be 3.7 percent (Getty Images)

Top oil exporter Saudi Arabia plans to spend SAR580bn ($154.7bn) in 2011 and expects a deficit of SAR40bn, the finance ministry said on Monday.

The largest Arab economy and member of the G20 expects revenue in 2011 to come to SAR540bn, the finance ministry said in a statement. The 2011 budget will again focus on education, health and infrastructure projects.

In 2010, actual revenues have come to SAR735bn and actual expenditure reached SAR626.5bn. It overspent by SAR86.5bn, mainly for salary increases for soldiers, and for some development and education projects.

Saudi Arabia says it expects 2010 real GDP growth of 3.8 percent and inflation of 3.7 percent.

The kingdom has accumulated huge reserves during a six-year oil price boom and is planning to spend more than $400bn over the five years to 2013 to upgrade infrastructure, including airports and roads.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.