'Saudi Arabia will continue to advance reform agenda to ensure fiscal sustainability' Al-Jadaan attends 2021 annual meetings of WPG and IMF    KAUST, NCM sign agreements support two centers aimed to mitigate climate impacts in ME    Saudi, Chinese foreign ministers discuss developments in phone call    Saudi Pavilion in Expo 2020 Dubai achieves record number in daily visits    Sudden electrical failure causes cancelation of Haramain Railway trips for two days    Saudi Arabia scores highest regional progress in Maritime Connectivity Index    Crown Prince launches Strategic Offices for development of Al Baha, Al Jouf and Jazan    KAICIID chief underlines key role of religious and humanitarian institutions in confronting challenges    18 dead, dozens missing in floods in southern India after heavy rain    MoI, Saudi Exports participate in 2021 GITEX in Dubai    Harsh winter expected to bite Kingdom this year    SFDA wins 2021 UNIATF Award on prevention and control of NCDs    Social distancing stickers from all over Grand Mosque is being removed    AFC: Al-Nassr, Al-Hilal set for semi showdown in Riyadh    Ministry of Culture inaugurates BIENALSUR Contemporary Art Exhibition in JAX, Diriyah    Step up, urges WHO as figures reveal 1 in 4 adults don't exercise enough    Tributes pour in for killed Kenyan athlete    UN honors Henrietta Lacks, whose cells transformed medical research worldwide    Princess Reema named member of IOC Coordination Commission for Brisbane 2032    Sami's brace seals Saudi Arabia on 4th winning streak in World Cup qualifier Green Tops Group B    Saudis, expats mourn death of prominent Filipino preacher in Riyadh    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    Weather Forecast for Sunday    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Legendary actor Dilip Kumar, 98, passes away, and with him an era    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Saudi Press hails General Authority for Defense Development Saudi GDP up by 1.8 percent in 2nd quarter: paper
Published in The Saudi Gazette on 15 - 09 - 2021

Saudi newspapers highlighted in their editorials on Wednesday a number of issues at local, regional and international arenas.
Al-Bilad newspaper said in its editorial that the Cabinet on Tuesday in its regular session, chaired by the Custodian of the Two Holy Mosques King Salman, Prime Minister, approved the establishment of "General Authority for Defense Development".
The newspaper added that the authority, which enjoys legal entity and financial and administrative independence, is linked to the Prime Minister. The authority defines the objectives of research, development and innovation activities related to the fields of technology and defense systems as well as setting its policies and strategies.
The newspaper further added that this approval represents a qualitative step to enhance the qualitative development of the defense system in Saudi Arabia.
The Kingdom of Saudi Arabia's goal of developing the defense is witnessing practical achievements to localize the military industries, their latest technologies and expertise, as this vital sector contributes to further strengthening defense capabilities and the national economy, as well as providing strong investment opportunities for the private sector in the local defense industry in order to localize 50 percent of the Kingdom's spending on military equipment and services and create hundreds of thousands of job opportunities for Saudis, the daily said.
Al-Eqtisadiah newspaper said in its editorial that the Gross Domestic Product (GDP), according to economists, is one of the tools and indicators of the success of any economy in the world, and the true measure of an economy's growth.
According to the monitoring unit of the reports in Al-Eqtisadiah, the Saudi GDP increased by 1.8% in Q2 of 2021 compared to the same quarter of 2020. This growth is the best in ten quarters, and it is the first after seven quarters of decrease due to the novel coronavirus (COVID-19) pandemic. Therefore, the Saudi economy has achieved an ideal equation in terms of the GDP growth and coming out from the economic downturn, which resulted from the decline of the entire global economy.
According to the General Authority for Statistics (GASTAT) data, this positive growth resulted mainly from the increase in the non-oil sector by 8.4%, whereas the private sector recorded a positive growth rate of 11.1%, and the government sector by 2.3%. On the other hand, the Oil sector recorded a decline of -6.9% compared to Q2/2020.
The monitoring unit said that the growth of the Saudi economy in the second quarter exceeded all previous estimates of 1.5%. Also, this is the best growth since the second quarter of 2011, which indicates the strength of the economic momentum in the private sector that is expected to be the engine of growth in the coming years since the Kingdom of Saudi Arabia is facilitating the work, removing obstacles and providing support for the sector. -- SPA

Clic here to read the story from its source.