Virtual council session discussed Q3 2023 economic report by Economy Ministry
Riyadh, November 07, 2023, The Economic and Development Affairs Council conducted a virtual session addressing several crucial agendas, with a special focus on the Ministry of Economy and Planning's presentation of the third-quarter economic and development report for 2023. This comprehensive report delved into the global economic landscape, considering factors like volatility and high interest rates, outlining key economic scenarios, and presenting future challenges and expectations.
Furthermore, the report highlighted recent developments in local economic activities, offering insights into economic projections and visions. Notably, the report forecasted positive growth in the Kingdom's non-oil economy during the third quarter of 2023. This optimistic outlook was attributed to government spending support, which effectively steered the Kingdom through global economic challenges.
In addition to this, the council reviewed a presentation from the Ministry of Finance regarding the third-quarter report on the state's General Budget for the fiscal year 2023. This report provided an in-depth analysis of financial performance up to the third quarter, encompassing revenue and expenditure indicators, public debt status, and the progress in executing programs and projects geared towards economic diversification, service quality improvement, social protection, and private sector empowerment in alignment with the goals of Vision 2030.
The council underscored the government's commitment to enhancing service quality for citizens and residents, evident in the substantial 38% increase in government spending on public services, particularly in education and health. It also acknowledged the state's dedication to reinforcing social protection programs, as exemplified by a 27% rise in social benefits by the third quarter of the year.
Following these discussions, the council formulated essential recommendations for further action.