(MENAFN- Qatar News Agency) Saudi Arabia has unveiled a record surplus budget SR 9 billion for 2013, projecting expenditure at SR 820 billion and revenues at SR 829.
The Kingdom has allocated SR 285 billion for new projects, SR 204 billion for education, SR 100 billion for health, SR 65 for transport and SR 57 billion for water, industry and agriculture.
The budget was approved by a special Cabinet session, which was chaired by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz of Saudi Arabia at his palace in Riyadh, according to the Saudi daily (Arab News).
In his budget speech, which was read out by Cabinet Secretary-General Abdul Rahman Al-Sadhan, King Abdullah said the budget reflects the government s plan to increase spending to strengthen the economy.
He said greater spending would create more job opportunities for Saudis and improve services being extended to the public. He reiterated the government s desire to invest more in the country s human resources.
"We have allocated SR 204 billion for education and training and improve learning atmosphere in tune with modern developments in the field," the king said. He also disclosed plans to establish five new medical cities and 19 new hospitals in various parts of the country.
Saudi Finance Minister Ibrahim Al-Assaf said the Kingdom s budget surplus for 2012 amounted to SR 386 billion. Revenues in 2012 amounted to SR 1,239 billion, while expenditure hit SR 853 billion.
Saudi Arabia s gross domestic product (GDP) is expected to reach SR 2.72 trillion in current prices by the end of 2012 according to the General Statistics Department s estimates, registering a growth of 8.6 percent compared to last year, the minister pointed out.
The Kingdom s nonoil GDP is expected to grow 11.2 percent with a public sector growth of 10.6 percent and private sector growth of 11.5 percent in current prices.
The GDP growth in fixed prices is expected to reach 6.8 percent with the petroleum sector making a growth of 5.5 percent, nonoil sector 7.2 percent, public sector 6.3 percent and private sector 7.5 percent.
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