2023-06-08 12:54:56
Rakan: There is a real reflection of the less dependence on the oil sector in terms of dynamic spending in Saudi Arabia
The Undersecretary of the Ministry of Economy and Planning for Economic Policy and Planning in Saudi Arabia, Rakan bin Abdullah Al-Sheikh, said in an interview with Al-Arabiya that we are beginning to see a real reflection of the less dependence on the oil sector in terms of dynamic spending.
Rakan explained that the Saudi economy has become less vulnerable or sensitive to fluctuations in the oil markets on fiscal policy and the levels of spending that are planned to achieve economic development in various sectors.
He added that government spending in the Kingdom during the first quarter of this year increased by 29% on an annual basis.
He pointed out that the dynamics of the oil sector and its fluctuations are monitored by the financial policy planning authorities in the Kingdom, in a way that ensures mitigating risks, enhancing gains and savings, and transferring them to development funds.
The final data of the General Authority for Statistics in Saudi Arabia showed that the real GDP of the Kingdom increased by 3.8% during the first quarter of 2023, compared to the same quarter of 2022.
The authority attributed the growth to an increase in non-oil activities by 5.4%, in addition to an increase in government services activities by 4.9%, and oil activities increased by 1.4% on an annual basis.
The authority’s initial estimates showed a growth of 3.9% in the first quarter of 2023, on an annual basis.
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