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FINANCIAL NEWS
Saudi Arabia budget revenue hikes by 26% in 2013
11 Jun 2013
(MENAFN) Saudi Arabia budget revenue will rise 26% this year from the strong oil prices and high production, reported Emirates 247.
Local reports say oil production will widen the actual fiscal surplus by 19 times.
The reports explain the expected revenue this year at USD221b and expenditure at USD218b with surplus of USD2.3b.
It is worth noting that Saudi Arabia’s command economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry.
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