RIYADH : Saudi Arabia announced on Monday a record budget of $228 billion for 2014, slightly up from $218.7 billion budgeted for this year, Al-Ekhbariyah state news channel reported.

The world’s largest oil exporter also expected to conclude this year with a budget surplus of 206 billion riyals ($54.9 billion), after budgeting for a surplus of around $613m. Revenues in 2013 are expected to reach 1.131 trillion riyals compared with an expenditure of 925 billion riyals.

The kingdom had budgeted for revenues of $221b in 2013, and an expenditure of $218.7b. In 2014, it is expecting a balanced budget of 855 billion riyals, the state television said. Oil contributes the bulk of revenues for Saudi Arabia, which pumps 9.7 million barrels per day of oil, and has a capacity to produce more than 12 million bpd. The International Monetary Fund expects the Arab world’s largest economy to grow by 3.6pc and 4.4pc in 2013 and 2014 respectively, after expanding by 5.1pc last year.

Saudi Arabia has been using part of its large windfalls of oil revenues to repay its public debt, which has dropped to 75.1 billion riyals, or 2.7 per cent of its gross domestic product, according to Al-Ekhbariyah.