Saudi 1998 budget up $3.73 billion from last year

The Kingdom of Saudi Arabia announced its 1998 budget, which includes an increase of $3.73 billion over last year's budget.

Revenues are expected to reach $47.46 billion while expenditures are estimated at $52.26 billion. The budget deficit is expected to be $4.8 billion, the same as last year and which will be covered by issuing development bonds through national banks with the authorization of the Ministry of Finance.

The Ministry of Finance said that actual revenues during 1997 surpassed targeted figures by $10.67 billion, reaching $45.4 billion, while actual expenditures were $56 billion, $7.72 billion more than the budget figures.

The statement issued by the Ministry of Finance expected that non-oil exports will increase by 10% and that chemical and plastic exports are expected to be worth $4.61 billion, an increase of 16.6% compared to last year.

The gross national product grew for the fourth consecutive year, increasing by 7.1%.