Saudi Arabia will collect $295 billion a year in government revenue from 2012 to 2016 as the Arab world’s biggest economy benefits from high oil prices, Samba Financial Group (SAMBA) said.
Hydrocarbon earnings are expected to be $265 billion a year in the same period, Riyadh-based Samba said in an e-mailed report today. Real gross domestic product growth will average 5 percent for the period, while inflation will be stable at an average of 5.5 percent, it said.
“Under our oil price and production assumptions we expect that the government will have plenty of money to spend during the forecast period,” the bank said. “Government spending will remain the engine of economic growth.”
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