Non-oil activities maintain steady growth while annual inflation rate stabilizes at 1.6%
The Saudi Council of Economic and Development Affairs (CEDA) noted that the percentage of the completed Saudi Vision 2030 initiatives that are on track has reached 87 percent, with an increase in the performance of the initiatives during the year 2023 compared to the previous year. It was also revealed in the CEDA meeting that the Saudi non-oil activities maintained a steady growth while its annual inflation rate stabilized at 1.6 percent. The council held its meeting via video conference on Wednesday.
During the meeting, the council reviewed a number of reports and topics on its agenda, including the quarterly report presented by the Ministry of Economy and Planning regarding the performance of the global and local economy for the first quarter of 2024. The report included an analysis of the growth trends and prospects of the global economy, and their potential impact on the national economy. It stressed the strength of the Kingdom’s economy in the face of all challenges, with the continued growth of non-oil activities, and the inflation rate stabilizing at 1.6 percent within a range less than the global target rate. The report also touched on the future expectations of the national economy.
The Council discussed a presentation made by the Ministry of Health focusing on the progress made regarding the establishment of the Seha Holding Company and the establishment of the National Health Insurance Center, which is considered as one of the most important milestones in the ministry’s transformation strategy. The presentation addressed the objectives of the strategy, the most remarkable steps for its implementation, and the application of the modern healthcare model. This had a positive impact on facilitating access to health services, improving the quality and efficiency of health services, and enhancing prevention against health risks, explaining the completion of the first phase of the strategy by launching 20 health clusters in various regions of the Kingdom by the end of 2023.
The Council reviewed the presentation made by the CEDA Strategic Management Office regarding the Saudi Vision 2030 report for the year 2023, which included the most remarkable achievements of the programs to realize the vision and its strategic objectives, an evaluation of its performance, and a comprehensive overview of the performance of its programs, in addition to the ongoing major efforts and the future aspirations pertaining to the performance of the Vision for the year 2024. The presentation noted that the percentage of completed vision initiatives that are on track has reached 87 percent, with an increase in the performance of the initiatives in 2023 compared to the previous year.
The presentation also indicated the continued implementation of the transformational efforts of the Kingdom’s Vision 2030, which contributed to achieving and exceeding a number of its goals during the year at the level of its three axes – a vibrant society, a prosperous economy, and an ambitious nation.
The council took a number of decisions and recommendations following its deliberations on various items of the agenda of the meeting.
