SAUDI ARABIA

Saudi economy on right course

September 06, 2018
Custodian of the Two Holy Mosques King Salman talks to Minister of Finance Mohammed Al-Jadaan, SAMA Governor Dr. Ahmed Al-Khulaifi and the governor’s deputies after receiving the 54th annual report of the Saudi Arabian Monetary Authority (SAMA) at Al-Salam Palace in Jeddah on Wednesday. — SPA
Custodian of the Two Holy Mosques King Salman talks to Minister of Finance Mohammed Al-Jadaan, SAMA Governor Dr. Ahmed Al-Khulaifi and the governor’s deputies after receiving the 54th annual report of the Saudi Arabian Monetary Authority (SAMA) at Al-Salam Palace in Jeddah on Wednesday. — SPA

King receives 54th SAMA annual report, praises efforts to achieve Vision 2030 objectives

Non-oil sector GDP registered a growth of 1.05%; average consumer price index fell by 0.9%


Saudi Gazette report

Custodian of the Two Holy Mosques King Salman received the 54th annual report of the Saudi Arabian Monetary Authority (SAMA) which reviews economic and financial developments in the Kingdom in 2017.

The report was handed over to the King by Minister of Finance Mohammed Al-Jadaan, SAMA Governor Dr. Ahmed Al-Khulaifi and the governor’s deputies during a reception at Al-Salam Palace here on Wednesday.

The King praised the efforts of the Saudi Arabian Monetary Authority in serving the national economy and achieving the desired objectives of the Kingdom’s Vision 2030.

SAMA governor said that during 2017, the national economy witnessed a number of positive indicators despite the contraction of GDP by about 0.86% as a result of the decline of the GDP of the oil sector by 3.09%.

However, the GDP of the non-oil sector registered a positive growth of 1.05% and that the average consumer price index fell by 0.9% in 2017 compared to a rise of 2.0% in 2016.

Among the positive indicators witnessed by the national economy is the remarkable improvement in the Kingdom’s current account of the balance of payments, which recorded a surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016.

Al-Khulaifi said the Saudi Stock Exchange (Tadawul) recently joined a number of global market indexes such as Morgan Stanley, Standard & Poor’s (S&P) and FTSE Index for emerging markets. This is expected to contribute to enhancing the efficiency of the financial market and increasing market attractiveness for Saudi and foreign investors.

The SAMA governor was optimistic that the local economy will continue to gradually adjust to the reforms adopted during the last two years by achieving good growth rates and contributing to the goals of the Kingdom’s Vision 2030.

He said the economic policies in the Kingdom have recently witnessed many developments aimed at strengthening the economic structure and moving toward a diversified and sustainable economy.

He also noted that in early 2018, a plan was adopted to implement the Financial Sector Development Program to support the development of the national economy, stimulate savings, finance and investment and increase its efficiency and ability to meet future challenges.

Al-Khulaifi stressed that enhancing the growth of the local financial sector is one of SAMA’s tasks, as it is important in achieving developmental and economic goals.


September 06, 2018
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