While most western governments are by now checking ministry sofas for any loose change that might have been lost in the creases, Saudi Arabia increased spending by 25 per cent this year – and has still been able notch up budget surplus north of $81bn, or 14 per cent of the kingdom’s annual economic output.
Emboldened, the kingdom now plans to raise government spending further next year, to an all-time budget high of SR690bn next year, according to the 2012 fiscal plan approved on Tuesday. A planned SR250bn splurge on housing projects comes on top, as the money needed has already been deposited at the central bank.
It is, as Jadwa Investment, a local investment house, says in a research note – with some understatement – an “expansionary budget”.
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