RIYADH: Ongoing economic reforms are delivering results in the form higher GDP output and lower unemployment among Saudis, according to the SAMA governor.


Central Bank Governor Fahad Al-Mubarak said such reforms were diversifying the economy which has been reflected in the latest economic data, Al Arabiya reported.

First quarter data reflects the speed of recovery in the economy, as real non-oil output grew by 2.9 percent, while the private sector recorded growth of 4.4 percent, and private final consumer spending witnessed an increase of 1.3 percent, he said.

Unemployment among Saudis fell to 11.7 percent compared to an average of 12.6 percent quarter-on-quarter, he added, as the central bank issued its annual report.

“The Saudi economy witnessed a remarkable improvement after the Corona pandemic crisis receded, especially after the opening of economic activities, supported by the growth of the non-oil sector in general, and the private sector in particular,” he said.

SAMA launched a number of programs over the last eighteen month, to support micro, small and medium enterprises that are still affected by the precautionary measures taken to confront the pandemic, Al-Mubarak said.

He said that the central bank was using the same monetary policy management approach to achieve exchange rate stability and maintain the integrity of the financial system to support economic growth, according to the report.

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