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MENAFN - Arab News - 28/12/2013
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(MENAFN - Arab News) Saudi Arabia's M3 money supply growth rebounded to 13.5 percent year-on-year in November from a 14-month low of 10.4 percent in October, central bank data showed.

Growth in bank lending to the private sector accelerated to 13.8 percent from 13.5 percent.

The central bank's net foreign assets hit a record high of SR2.676 trillion (713 billion) in November.

Saudi Arabia recently released a state budget that projects a modest 4.3 percent rise in spending next year, suggesting the Kingdom is starting to slow expenditure growth after three years of huge increases.
Spending and revenue are both projected to total SR855 billion next year. That compares with outlay of SR820 billion and revenue of SR829 billion in the original budget for 2013. r>

Next year's 4.3 percent rise in planned spending is smaller than the 19 percent leap envisaged by the 2013 budget plan.

The finance ministry predicted that gross domestic product will grow only 3.8 percent this year, down from 5.8 percent in 2012.

Finance Minister Ibrahim Al-Assaf told a recent Cabinet session that the budget had allocated SR248 billion for new projects.

He said the Kingdom's GDP was expected to cross SR2.79 trillion in 2013 in current prices with an average growth of 1.54 percent compared to the previous year.
Nonoil GDP was expected to achieve a growth of 6.99 percent this year, with the public sector growth reaching 1.56 percent and private sector 9.38 percent.

Oil sector revenue declined by 3.83 percent during the year.


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