Saudi Arabia plans $154.7 bln spending in 2011
The largest Arab economy and member of the G20 expects revenue in 2011 to come to 540 billion riyals.
December 20, 2010 4:12 by Reuters
Top oil exporter Saudi Arabia plans to spend 580 billion riyals ($154.7 billion) in 2011 and expects a deficit of 40 billion riyals, the finance ministry said on Monday.
The largest Arab economy and member of the G20 expects revenue in 2011 to come to 540 billion riyals, 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 735 billion riyals and actual expenditure reached 626.5 billion riyals. It overspent by 86.5 billion riyals, 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 $400 billion over the five years to 2013 to upgrade infrastructure, including airports and roads.
(Reporting by Riyadh newsroom; Editing by Hugh Lawson)