The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, received the 55th annual report of the Saudi Arabian Monetary Authority, which reviews economic and financial developments in the Kingdom during 2018.
This took place during a meeting today at his office in Al-Salam Palace in Jeddah with Mohammed Al-Jadaan, Minister of Finance; Dr. Ahmed Al-Khalifi, Governor of the Saudi Arabian Monetary Authority; and the Deputy Governors. The Custodian of the Two Holy Mosques highlighted the important role of the Saudi Arabian Monetary Authority (SAMA) in serving the national economy and achieving the desired goals. He wished everyone success and prosperity… «Saudi Arabian Monetary Authority»..
The Governor of the Saudi Arabian Monetary Authority (SAMA) delivered a speech in which he reviewed the most important economic indicators contained in the Authority’s annual report, stating: By the grace of God, and thanks to the state’s adoption of balanced economic policies, the Saudi economy achieved positive developments in most of its sectors in 2018. Gross Domestic Product (GDP) at constant prices recorded growth of 2.4 percent, compared to a contraction of 0.7 percent in 2017. GDP in the oil sector rose by 3.1 percent, while GDP in the non-oil sector grew by 2.2 percent, and prices remained stable with an inflation rate of 2.5 percent.
Dr. Ahmed Al-Khulaifi added that the current account surplus in the Kingdom’s balance of payments also rose significantly to 265 billion riyals, compared to a surplus of 39 billion riyals in 2017, and non-oil exports increased by 22 percent to reach 236 billion riyals. On the public finance front, actual government revenues in 2018 rose by 31.0 percent, and the state budget deficit narrowed from approximately 238 billion riyals to 174 billion riyals, amounting to about 5.9 percent of GDP, compared to about 9.3 percent in the previous year, despite the implementation of an expansionary spending policy that included social support for citizens and support for the private sector, in addition to progress in financing and implementing programs to achieve the Kingdom’s Vision 2030. God willing, the Saudi economy is expected to continue achieving positive results in 2019. … «Saudi Arabian Monetary Authority»..
He added: The monetary policy pursued by the Saudi Arabian Monetary Authority continued to maintain exchange rate stability and provide the necessary liquidity to support economic activities. The money supply grew by 2.7 percent in 2018 to reach 1,854 billion riyals, and the banking sector recorded strong performance indicators, with total commercial bank assets rising by approximately 2.0 percent in 2018 to reach about 2,398 billion riyals.Positive trends in monetary and banking indicators continued throughout the current year, with the money supply in July posting a year-over-year increase of 3.9 percent year-over-year to reach approximately 1,872 billion riyals, while bank deposits grew by 3.7 percent to reach 1,679 billion riyals, and bank credit rose by 3.8 percent to reach 1,489 billion riyals. … «Saudi Arabian Monetary Authority»..
