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.


Jeddah airport decorated with Saudi flag to celebrate national day

Updated 6 min 58 sec ago
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Jeddah airport decorated with Saudi flag to celebrate national day

  • Director-General of King Abdul Aziz International Airport Essam bin Fouad Noor inaugurated the event in hall number one on Saturday evening.
  • Noor said that the celebration of this important national event showed the magnitude of love for the country.

JEDDAH: King Abdul Aziz International Airport in Jeddah marked the 88th National Day by decorating its entrances with the national flag, balloons and green lights. Airport employees also wore special scarves to highlight the occasion.
Director-General of King Abdul Aziz International Airport Essam bin Fouad Noor inaugurated the event in hall number one on Saturday evening, in the presence of government and operational sectors’ leaders and the airport’s department managers.
Noor said that the celebration of this important national event showed the magnitude of love for the country, and the airport’s management was keen on making early preparations to organize a celebration worthy of the occasion. The airport halls were decorated with the national flag and the color green, and gifts were presented to travelers, in addition to many events taking place in the halls, he added.
The event will continue for several days, Noor said, and the occasion would witness the participation of many airport operating agencies.
Noor congratulated King Salman, Crown Prince Mohammed bin Salman, Makkah Gov. Prince Khaled Al-Faisal, his deputy, the ruling family and the Saudi people on the occasion of the Kingdom’s 88th National Day, and prayed for the safety of the country and other Muslim countries.
The event included giving arriving and departing travelers roses and chocolate, distributing the Saudi flag and souvenirs dedicated for the occasion, and allocating a booth for a “national footprint” and “national selfie.”
The UN office for arts also participated, with the “thank you country” section presented by a number of children and people, in addition to shows and gifts carrying the colors of the Saudi flag.
The airport’s management organized the event under the supervision of the General Authority of Civil Aviation (GACA) with the participation of the following sponsors: Saudi Arabian Airlines, Saudi Ground Services, Ports Projects Management and Development Company (PPDMC) and Airport Services and Air Transport Support Company (SAAS).