SAMA economy report: Positive indicators despite a small GDP contraction

King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of Vision 2030. (SPA)
Updated 06 September 2018
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SAMA economy report: Positive indicators despite a small GDP contraction

  • Report highlights surplus of SR57.1 billion in 2017 against a deficit of SR89.4 billion in 2016

JEDDAH: King Salman on Wednesday discussed the economic prospects of the country with the country’s finance minister and other officials, after being presented with the 54th annual report of the Saudi Arabian Monetary Authority (SAMA).

The meeting, which took place at Al-Salam Palace in Jeddah, saw the attendance of the Minister of Finance Mohammed bin Abdullah Al-Jadaan, SAMA Gov. Ahmed Abdulkarim Alkholifey and the governor’s deputies.

SAMA, in its annual report, detailed the economic and financial developments of the country in 2017. King Salman praised SAMA’s efforts in serving the national economy and achieving desired objectives as part of the Kingdom’s Vision 2030.

Alkholifey, on his part, said that the national economy had witnessed a number of positive indicators despite the contraction of the GDP by about 0.86 percent, as a result of the decline of the GDP of the oil sector by 3.09 percent. However, the GDP of the non-oil sector registered a positive growth of 1.05 percent. The average consumer price index fell by 0.9 percent in 2017 compared to a rise of 2.0 percent in 2016.

He added that the most telling achievement was 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. Another feather in its cap was the inclusion of the Saudi Stock Exchange in a number of global market indexes for emerging markets – a move expected to attract more local and foreign investments.

Alkholifey expressed hope that the local economy would continue to adjust to reforms adopted during the last two years by achieving good growth rates and contributing to the goals of the kingdom. He added that the policies are helping the Kingdom move toward achieving a diversified and sustainable economy.

He also noted that in early 2018, a financial sector development program was conceptualized to advance the sector and, in turn, support the economy, stimulate savings and improve its ability to meet future challenges.

Alkholifey said that accelerating the growth of the financial sector was one of SAMA’s key tasks – something which it hopes to achieve to support the economic goals of the Kingdom.


Thousands of participants register in the upcoming Quran and Athan competitions

Updated 53 min 50 sec ago
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Thousands of participants register in the upcoming Quran and Athan competitions

  • Total prizes for the competition are worth $3.2m
  • The final stage of the competition will end on October 25

DUBAI: More than 13,000 participants from 162 countries registered in the Quran Recitation and Adhan competitions, the Saudi General Entertainment Authority (GEA) said in a statement.
The GEA allocated $3.2 million in prizes for the largest Quran competition and the first Adhan competition, which aims to highlight the diversity of the Islamic world cultures through the different styles of recitation and Adhan, and improve the image of Islam and Muslims globally.
The competition hopes to encourage the Muslim youth to recite the Quran and experience performing the Adhan.
The registration opened on May 22 and will continue accepting applications until July 22. The applicants will be then shortlisted from July 22 until August 23 as the competition progresses in its second stage.
The on-stage live performances will begin on August 24 and last until September 24 and winners will be announced and awarded throughout the final stage, which will run from September 25 and conclude on October 25.