The Saudi Council of Economic and Development Affairs discussed several key economic issues, including growth outlook and strategies to navigate global challenges.
In a videoconference meeting on Saturday, the Council also provided recommendations to strengthen economic growth and resilience, reported the Saudi Press Agency (SPA).
Economic Development
The meeting started with a review of the Saudi Ministry of Economy and Planning’s quarterly economic report. The report provided an analysis of the key developments in both domestic and global economies. It highlighted the positive economic growth in Saudi Arabia in the third quarter of 2024, accounting for 2.8%.
Furthermore, the report discussed future forecasts for the national economy issued by relevant government entities, international funds and agencies. It also explored proposed recommendations to tackle global economic challenges.
State Budget
During the meeting, the Economic and Development Affairs Council reviewed the Saudi Ministry of Finance’s report for the third quarter, addressing the performance of the State’s budget for the fiscal year 2024.
The report offered an in-depth analysis of the financial performance throughout the third quarter of 2024, providing a detailed overview of indicators such as revenue, expenditure, and public debt.
Moreover, the report’s results underscored Saudi Arabia’s steadfast support for development projects, as well as its tireless efforts to strengthen social care and protection systems, and its strong commitment to implementing key projects and initiatives outlined in Vision 2030.
Monitoring Prices
The Council reviewed a report presented by the Ministry of Commerce’s Permanent Committee for Price Monitoring, regarding the third quarter of 2024. The report discussed the roles of the committee’s participating entities. It also offered key insights into the main developments during Q3 2024.
The report reviewed global price trends, in addition to providing an overview of consumption patterns, prices and inflation indicators in Saudi Arabia. It also offered details on consumer goods prices in the third quarter of the year.
Additionally, the report explored other topics, such as measures taken to ensure the availability of goods and maintain price stability by enhancing stockpiles.
National Strategies
During the meeting, the Council of Economic and Development Affairs discussed several topics and reports regarding economic growth. These included the National Export Strategy Project, the National Savings and Financial Literacy Strategy Project.
Furthermore, the Council reviewed the Real Estate Price Index for Q3 2024, the executive summary of foreign trade for August 2024, the executive summary of the Consumer Price Index for September 2024, and the Wholesale Price Index report for the same period.
The Council concluded the meeting by making the needed decisions and recommendations on all topics discussed.
