Assaf added that the budget included new programs and projects and additional phases for some projects already approved with a total value of SR285,000,000,000 (two hundred eighty five billion Saudi Riyals). As usual, there is a coordination between the Ministry of Finance and the Ministry of Planning and Economy regarding the approved programs and projects in the 9th developmental plan which started in the fiscal year 1431/1432H. Dr. Al-Assaf added that it is expected that the Gross Domestic Product (GDP) for 1433/1434H (2012) due to the Central Department of Information and Statistics is to reach SR 2,727,400,000,000 (two thousand seven hundred twenty seven billion and four hundred million Saudi Riyals) at the current prices with an increase of 8.6% due to the achieved GDP for the last year 1432/1433H (2011). The GDP for non-oil sector, both government and private sectors, is expected to grow at a rate of 11.2%. The governmental sector is expected to grow by 10.6% and the private sector is expected to grow by 11.5% at the current prices. --More
