Riyadh – Mubasher: Saudi Arabia’s inflation rate is predicted to grow in the first quarter (Q1) of 2021 when compared to the corresponding period a year earlier, said the Saudi Central Bank (SAMA) in a report.

This rise is driven by the ongoing accounting impact of the tripling of the value-added tax (VAT) to 15% from 5% starting from July 2020.

Recently, the Institute of International Finance (IIF) expected the kingdom’s non-oil real gross domestic product (GDP) to expand by 3% in 2021 following a 2.7% contraction in 2020.

Source: Mubasher

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