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Economic Overview<br />
» It is noteworthy that Saudi Arabia like<br />
o<strong>the</strong>r Arab oil-producing countries has<br />
traditionally presented conservative<br />
government budget estimates.<br />
» An announced budget surplus of<br />
SR40bn (US$10.7bn) in 2008 had<br />
an actual out<strong>com</strong>e of SR590bn<br />
(US$157.3bn) posting an exponential<br />
increase of more than 1,300% over<br />
<strong>the</strong> budgeted estimates.<br />
» A record fiscal year 2008 performance<br />
could be mainly attributed <strong>to</strong> <strong>the</strong><br />
outstanding increase in oil prices<br />
during <strong>the</strong> first seven months of<br />
2008.<br />
Conservative Budget<br />
Revenue<br />
(SR bn) Budget Actual<br />
% change<br />
(Actual -<br />
Budget)<br />
Budget<br />
Expenditure<br />
Actual<br />
Budget<br />
% change<br />
(Actual -<br />
Budget)<br />
2000 157 258 64.3% 185 235 27.0%<br />
2001 215 228 6.0% 215 255 18.6%<br />
2002 157 213 35.7% 202 233 15.3%<br />
2003 170 293 72.4% 209 257 23.0%<br />
2004 200 392 96.0% 230 285 23.9%<br />
2005 280 564 101.4% 280 346 23.6%<br />
2006 390 673 72.6% 335 393 17.3%<br />
2007 400 642 60.5% 380 466 22.6%<br />
2008 450 1,100 144.4% 410 510 24.4%<br />
2009 410 - - 475 - -<br />
Source: Ministry of Finance & SAMA<br />
Global Investment House 13 Saudi Arabia Economic Overview - January 2009
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