Saudi GDP to reach $185 billion in fiscal year 2002
Saudi Arabia’s Gross Domestic Product (GDP) is estimated to reach 695 billion Saudi riyals ($185 billion) in fiscal year 2002, up from SR644 billion in 2001, according to the latest information released by the kingdom’s ministry of finance and national economy. Budget revenues are estimated to reach SR204 billion in 2002, while expenditures are estimated to amount to SR225 billion. The deficit therefore is estimated to reach SR21 billion.
The current balance of payments account is estimated to record a SR33.7 billion surplus in 2002, compared to a surplus of SR35.1 billion in 2001, according to preliminary data issued by the Saudi Arabian Monetary Agency (SAMA).
Non-oil exports are estimated to have totaled SR31.1 billion in 2002, represent 12.1 percent of the total goods exported by Saudi Arabia. The Saudi government privatization targets for the year 2002 include the sale of 30 percent of Saudi Telecommunication Company (STC) shares to the public.
The national budget for the fiscal year 2003 foresees total revenues at SR170 billion, while government expenditure is budgeted at SR209 billion. The deficit is therefore projected to be SR39 billion. The budget includes new projects amounting to SR22.5 billion of which SR15.6 billion in health, education, social development, roads, municipalities and water services.
Budget appropriations include SR57.5 billion for education, SR23.2 billion for health services and social development, SR7.5 billion for municipality services, SR6.5 billion for transportation and communication and SR13.9 billion for the rest of infrastructure including water, industry and agriculture. — (menareport.com)
© 2002 Mena Report (www.menareport.com)