King receives SAMA report

September 28, 2010

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz received the 46th Annual Report of Saudi Arabian Monetary Agency (SAMA) on Saturday at his palace in Jeddah. The report, which reviewed economic developments in the Kingdom for fiscal year 1430 /1431H [2009] and the first quarter of the current year, was presented by SAMA Governor Dr. Mohammed bin Suleiman Al-Jasser.

According to Dr. Al-Jasser, the Kingdom’s gross national product (GDP) at a fixed exchange rate fell by 0.6 percent in 2009, compared to a 4.2-percent growth in 2008. The non-oil sector grew by 3.8 percent in 2009, compared to 4.3 percent in 2008. Government spending reached a record SR 596.4 billion [$159.02 billion] in 2009 and, for the 11th consecutive year, the balance of payments registered a surplus amounting to SR 85.4 billion [$22.77 billion].

The SAMA Governor noted that the Kingdom was able to weather the global economic crisis and the drop in crude oil prices relatively well due to sound economic and fiscal policies, adding that the Saudi economy has returned to growth during the past few months. A particularly significant development, he continued, is the drop in domestic inflation, measured by the general costs of living index, which reached 5.1 percent in 2009, compared to 9.9 percent in 2008.

Finally, Dr. Al-Jasser noted that the Cabinet approved the Ninth Development Plan on August 9, increasing expenditures 67 percent compared to the allocations of the Eighth Development Plan.

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