Total revenue in 2013 is set to rise by 10.1% to AD3,820bn ($50.3bn) from AD3,469bn ($45.6bn) in 2012, with hydrocarbon revenue rising by 6.4% to AD1,616bn ($21.3bn) in 2013 from AD1,519bn ($20.0bn) in 2012. The budget continues to be based on an unrealistically low oil price assumption of $37/B, but the government transfers any surplus in revenue from higher oil prices to a reserve fund, Fond de Regulation des Recettes. The exchange rate for 2013 is fixed at $1=AD76.
The draft budget foresees an aggregate GDP growth rate of 5%, but with a higher growth rate of 5.3% for the non-hydrocarbons sector of the economy. The government is projecting an inflation rate of 4% and a budget deficit of 19% of GDP in 2013, down from 28% in the 2012 supplementary budget. (CONTINUED - 328 WORDS)
