(MENAFN) Saudi Arabia's Monetary Agency (Sama) latest data showed that the kingdom's foreign assets recorded a sharp slowdown in their growth in 2014 as a result of higher state spending and a steep decline in oil prices, Emirates 24/7 reported.
The Saudi's central bank said that its assets grew by about 3.3 percent to nearly USD753.67 billion at the end of October of this year compared with USD727.04 billion the end of 2013.
Sama said that this growth is the slowest it had in recent after its assets registered a growth by 10.2 percent at the end of last year to grow by almost USD68.70 billion when comparing the assets of 2012 of USD661.79 billion to USD729.35 billion by the end of 2013.
Meanwhile, the new data also show that Saudi Arabia recorded a fiscal surplus of around USD54.86 billion in 2013 due to an increase in oil revenues by 36 percent to USD301.20 billion above the forecasted budgeted revenue of USD220.77 billion, while the kingdom's actual spending registered a 12.6 percent growth to USD246.34billion compared with a forecasted USD218.64 billion in expenditure.
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