CEDA hails Kingdom’s robust economic growth and fall in inflation

Saudi Gazette report

JEDDAH — The Council of Economic and Development Affairs (CEDA) on Sunday praised the continued positive performance of economic growth rates in the Kingdom, and the decline in inflation rates to 2.7 percent.

In its virtual meeting, Saudi Arabia’s apex economic body, discussed the quarterly report submitted by the Ministry of Finance on the performance of the state’s general budget for the fiscal year 2023, as well as the Kingdom’s ability to address the conditions and transformations witnessed by the economy via adopting many ambitious measures and economic reforms to achieve the strategic objectives of Saudi Arabia’s Vision 2030. The vision’s programs have contributed to the growth of non-oil economic activities by 13 percent, recording SR135.1 billion compared to SR120 billion for the same period last year, the Saudi Press Agency reported.

The council reviewed a number of reports, presentations and topics on its agenda. These included the quarterly economic and development report of the Ministry of Economy and Planning on local and global economic performance that covered an analysis of the most prominent indices of the national economy, and the growth witnessed during the last period across several sectors and activities, as well as future growth forecasts for the local economy.

The presentation also included a comprehensive overview of the global economic situation during the past period, its latest developments, and an analysis of its most prominent indices. The council has taken a number of decisions and recommendations.