The Organization for Economic Cooperation and Development (OECD) has raised its forecast for economic growth in Saudi Arabia for the year 2021, it expects a growth of 2.8 percent, after it was estimated last March at 2.6 percent, this is due to the economic measures to support the recovery from the repercussions of the new Corona, and the speedy deployment of vaccinations in the Kingdom.
According to the Economic Outlook report issued by the organization, the Kingdom’s gross domestic product will grow by 3.8 percent during the year 2022, after recording a contraction of 4.1 percent in 2020, the report disclosed that the gross domestic product (GDP) would rise to 5.8 percent, compared to March's estimate of 5.6 percent.
In a separate context, the profits of banks operating in Saudi Arabia increased 0.7 percent, or an estimated 111 million riyals, during the first four months of this year, to reach 16.66 billion riyals, compared to 16.54 billion riyals during the same period last year.
According to SAMA data, profits rose 31.8 percent, equivalent to 1.06 billion riyals during April of this year, to reach 4.38 billion riyals, compared to 3.33 billion riyals in the same month last year.
Source (Al-Arabiya.net, Edited)
