Saudi Arabia announces record 2013 budget

Saudi Arabia’s council of ministers on Saturday agreed a record budget for 2013 with revenues expected to hit $221 billion (167 billion euros), state television Al-Ekhbariyah said.

Revenues in the oil-rich Gulf state are projected to reach 829 billion riyals ($221.06 billion), while expenditure is planned at 820 billion riyals ($218.7 billion), up 19 percent from the 690 billion riyals of expenditure for which it budgeted in 2012, Reuters reported finance ministry as saying.

“The council of ministers has passed the largest budget in the history of the kingdom,” the TV channel reported. 

Next year’s budget plan envisages revenues of 829 billion riyals, compared to 702 billion riyals in the original plan for 2012, the TV report said. Actual revenues this year, buoyed by high oil prices, were 1.24 trillion riyals compared to the original plan for 702 billion riyals, it added. 

Analysts say the Saudi government traditionally makes conservative projections for both spending and oil revenues, leaving room for actual expenditure and budget surpluses to come in larger than initially forecast.

Full details of the budget for next year are expected to be released later on Saturday [December 29].