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The Cabinet says: GDP has grown by 3.5%

The Cabinet says: GDP has grown by 3.5%
16 Jun

The Council of Ministers, chaired by Custodian of the Two Holy Mosques King Salman, decided on Monday to sign an agreement with Russia for cooperation in space exploration for peaceful purposes. The Cabinet authorized the president of King Abdulaziz City for Science and Technology to hold talks with the Russian side to sign a draft memorandum of joint intent between KACST and the Russian Space Agency.


Culture and Information Minister Adel Al-Toraifi said the Cabinet also expressed its satisfaction over the strength of the Saudi economy, as shown by the latest annual reports of the Saudi Arabian Monetary Agency. The Cabinet has noted that the national economy achieved good results in 2014, with GDP growing by 5.3 percent. The Saudi economy is expected to make remarkable growth during the current fiscal year and coming years.
“The Kingdom's economic policies have focused on vital areas such as the development of human resources, modernization and maintenance of infrastructure projects, diversification of the production base and increasing its financial reserves to cope with unforeseen developments in the global oil prices,” the Cabinet statement said.


King Salman congratulated the people of Saudi Arabia and Arab and Islamic world on the advent of the blessed month of Ramadan, praying to the Almighty that He would help Muslims all over the world to fast and pray properly during the holy month.

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