Thursday, 13 Aug 2020

Custodian of the Two Holy Mosques Chairs Cabinet’s Session, Approving State’s General Budget for Fiscal Year 2020 Riyadh 3

The Minister of Finance lauded the statement of the State's General Budget for the Fiscal Year 2020 which showed a remarkable growth in various economic sectors during 2019, where the total growth of private non-oil gross domestic product reached 3.4% during the second quarter of the year.

Al-Jadaan stressed the Government's continuing implementation of its strategic goals to diversify the economic base through creating an appropriate environment for investment in promising sectors as well as the Government's continuing provision of a stable economic framework and a suitable investment climate, in addition to strengthening the legislative infrastructure and the social protection network, and empowering the private sector.

He also said that it is expected that the private sector's contribution to the growth and employment will increase in the medium term.

The Minister of Finance pointed out to the growth of a number of promising sectors during the second quarter of 2019, where the wholesale and retail trade, restaurants and hotels sector grew by 5.8%, while the transport, storage and communications sector, which includes logistical and technical services, recorded a growth of 6.4%.

He also said that the financial services, insurance and real estate sector grew by 5.4%, while the collective and social services sector, which includes sports and entertainment, recorded a growth of 7.4%, and the construction sector grew by 4.9%.

Al-Jadaan affirmed that the Budget's statement reflects the Government's tendency to consolidate the principle of transparency over the performance of the public finances in the Kingdom.

Source: Saudi Press Agency

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