Council of Economic Affairs lauds Saudi economic growth, easing of inflation

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The Council of Economic and Development Affairs commended the continued growth in the Saudi economy and the decline in inflation to 2.7%, Saudi Press Agency reported.

The Council held an online meeting today, Aug.20, to review a number of reports, presentations and topics on its agenda, including the quarterly economic and development report of the Ministry of Economy and Planning on local and global economic performance.

The report included an analysis of the key indicators of the national economy, the growth achieved during the past period in several sectors and activities , as well as the future growth expectations of the local economy.

The review also included a comprehensive study of the global economic conditions, the latest developments, and an analysis of the key indicators.

Moreover, the Council discussed the quarterly report submitted by the Ministry of Finance on the performance of the state’s budget for the fiscal year 2023.

The report highlighted the Kingdom’s ability to overcome difficult conditions and challenges in the economy by adopting ambitious measures and economic reforms to achieve the strategic goals of Vision 2030.

The Vision programs contributed to the growth of non-oil economic activities by 13% to SAR 135.1 billion, compared to SAR 120 billion for the same period last year.

The Council has taken the necessary decisions and recommendations regarding these issues, the report said.