Record $57 bn surplus for Saudi Arabia in 2005
Saudi Arabian authorities announced on Monday that the kingdom will post a budget surplus of $57 bn in 2005. The record surplus comes on the back of soaring crude oil prices, spurring the biggest-ever spending plans for next year.
Revenues by the end of 2005 are expected to reach $148 bn, according to the Suadi Ministry of Finance, with net expenditure to hit $90.94 bn, according to the <i>AFP</i>.
The record figures stand in stark contrast to projected figures for an expected balanced budget with revenues and expenditures for 2005 both set at $74.66 bn.
A conservative oil price of $17 a barrel is usually set by Saudi Arabia when planning its yearly budget; prices, therefore, of $70 per barrel account for the unprecedented gaps between projections and actual revenues in the past few years.
Actual oil receipts in Saudi Arabia reportedly represent about 75 percent of income, though exact figures have yet to be revealed.