Reuters: US Dollar Report: Saudi Arabia budgets for increase in 2013 spending

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Saudi Arabia budgets for increase in 2013 spending Dec 29th 2012, 11:43 RIYADH | Sat Dec 29, 2012 6:43am EST RIYADH Dec 29 (Reuters) - Saudi Arabia's government plans to spend 820 billion riyals ($219 billion) in 2013, up 19 percent from the 690 billion riyals of expenditure for which it budgeted in 2012, state television quoted the finance ministry as saying on Saturday. Next year's budget plan envisages revenues of 829 billion riyals, compared to 702 billion riyals in the original plan for 2012, the report said. Full details of the budget for next year are expected to be released later on Saturday. Analysts say the Saudi government traditionally makes conservative projections for both spending and oil revenues, leaving room for actual expenditure and budget surpluses to come in larger than initially forecast.

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