Yemen approves 2003 budget

03 January 2003
Parliament has approved the 2003 budget and passed it to President Saleh for ratification. According to Economy Minister Alawi al-Salami, the government is projected to run a YR 64,000 million ($387.9 million) deficit next year, representing 3 per cent of gross domestic product (GDP).

Alawi said he expected real GDP growth in 2003 to reach 3.2 per cent and that nominal GDP would be YR 2,136,000 million ($12,945 million). He did not give actual figures for Yemen's economic performance in 2002.

Total revenues in 2003 are budgeted at YR 604,300 million ($3,662 million), of which $1,257 million will come from oil exports. Total government spending for the year is budgeted to reach YR 668,400 million ($4,051 million).

Parliament significantly delayed the passage of the 2002 budget last December, when the opposition Islah party attacked the government's spending plans. So far, there is little sign of another attempt to block the budget.

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