Mubasher: Saudi Arabia’s gross domestic product (GDP) grew 1.4% year-on-year in the second quarter of 2016, recording its slowest level of growth since first quarter of 2013.
Meanwhile, the non-oil sector GDP recorded a “positive growth” after declining over the past two quarters.
Brent crude for November futures advanced 4.6% month-on-month in September 2016 after OPEC countries reached an agreement to cut its production, given that the final deal is expected to be ratified at their November meeting in Vienna.
The Kingdom cut ministers’ and similar ranked official’s salaries by 20%, along with a 15% cut for its Shura council members and curbed overtime bonuses, certain allowance and cancelled annual increments for public sector employees.
Saudi Arabian Monetary Agency (SAMA) pumped SAR 20 billion ($5.33 billion) in the banking system on behalf of government entities to ease the liquidity situation in the system.
Foreign reserve assets declined for the third month in row by 0.2% month-on-month in August, versus a monthly fall 1.2% in July.
