Jeddah – Custodian of The Two Holy Mosques King Abdullah bin Abdulaziz received yesterday the 41st annual report of Saudi Arabian Monetary Agency which reviewed the local economic developments in the fiscal year 2004 and the latest data of 2005.
The report was delivered to King Abdullah bin Abdulaziz by Governor of SAMA Hamad Al-Sayyari.
During the meeting, Governor of SAMA delivered a speech on this occasion in which he reviewed the local economic developments.
The governor stated that during 2004, the national economy continued achieving high growth results in various sectors for the third consecutive year.
He said the national income increased by 16.8% and the real gross domestic product grew by 5.3%.
He added that the state”s general finance recorded a surplus of 107 billion riyals.
He explained that during 2004, the current account of payments balance recorded a surplus of 194.7 billion riyals.
King Abdullah bin Abdulaziz commended the annual report and the important role played by SAMA in the Saudi monetary policy.
King Abdullah stressed the government”s intent to continue economic reform programs and direct spending to long-term productive projects.
The king pointed out the importance of the role played by the private sector and the government”s efforts to eliminate investment obstacles.
The audience was attended by a number of princes and senior officials.