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Business & Economy

Saudi Arabia budgets for increase in 2013 spending

RIYADH: Saudi Arabia’s government plans to spend SR 820 billion ($ 219 billion) in 2013, up 19 percent from the SR 690 billion of expenditure for which it budgeted in 2012, state television quoted the finance ministry as saying.
Next year’s budget plan envisages revenues of SR 829 billion, compared to SR 702 billion in the original plan for 2012, the report said.
Actual spending totaled an estimated SR 853 billion ($ 227.5 billion) in 2012, well above the SR 690 billion in the original budget plan, the finance ministry says.
Actual revenues this year, buoyed by high oil prices, were SR 1.24 trillion compared to the original plan for SR 702 billion, the report said.

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