The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud received at his office at Alsalam palace in Jeddah tonight the 43rd annual report of the Saudi Arabian Monetary Agency (SAMA) on the most prominent economic developments in the Kingdom for the fiscal year 1426/ 1427 H. corresponding to 2006 and the current fiscal year 2007. The report was presented by SAMA's Governor Hamad Al-Sayyari in the presence of Dr. Ibrahim Al-Assaf, the Minister of Finance. In key remarks before the king, Al-Sayyari said the national economy has proceeded its distinguished growth in 2006, the fourth year in a row, registering real growth rate of 4.3 percent with the private sector scoring an increase of 6.4 percent, its highest real growth rate in 25 years, and the government sector an increase of 6.1 percent, its highest in nine years. He attributed those distinguished results to the enhanced role of the private sector, huge size of direct domestic and foreign investments and the positive situation of the international oil market. The state's budget scored its fourth annual surplus of SR290 billion in 2006 despite a record public expenditure of SR393 billion, the report said, adding that the expenditure focused on feasible developmental projects in addition to putting off part of the public debt. The report said the balance of payments in 2006 also scored its 8th surplus of SR371 billion. --More
