Saudi spending to climb 41% in 2011: Jadwa

12 May 2011

(MENAFN) Saudi investment group Jadwa stated that it expected the country’s actual public spending to hike 41% percent to USD219 billion in the current year after a financial handout announced by the King Abdullah, reported Emirates 24/7.

The handout showed that Saudi’s projected spending stood at USD154.6 billion while revenue totaled USD144 billion, thus estimating a deficit of around USD10 billion.

The study by Jadwa expected the Arab’s largest economy to still see a fiscal excess to counter the deficit as oil prices would keep on rising as well as Saudi’s oil production.

It is worth noting that Jadwa expected the Kingdom’s revenue to hike around 70 percent to USD244.23 billion, thus turning the projected deficit into a surplus of USD25.32 billion.

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