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Saudis score record budget surplus
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SPECIAL TO WORLD TRIBUNE.COM
Wednesday, December 14, 2005
ABU DHABI — Saudi Arabia expects to achieve a record budget surplus
of $51 billion in 2005.
The Samba Financial Group said the kingdom's economy would increase by
6.5 percent on the basis of rising oil prices, Middle East Newsline reported. Samba said Saudi Arabia would
maintain annual growth of between five and seven percent until 2010.
The Saudi bank based its 2005 forecast on an average price of $45 a
barrel for Saudi crude and production levels of 9.6 million barrels per day.
Samba said world oil prices would remain stable for the foreseeable future.
"This year will be the best in the kingdom's economic history," Samba
said in its semi-annual report. "Oil revenues, the government budget surplus
and the current account surplus will all register all-time highs because of
exceptional oil prices and high oil production."
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