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00:00Many experts and news agencies, in addition to the statistics from within Saudi Arabia and several banks, come to put expectations on the level of Saudi economy growth in the current year in front of their eyes.
00:15Many changes have been seen on the schedule of the Saudi economy, which prompted this study to change its perspective.
00:22And we talk at the beginning of the matter about expectations on the level of Saudi economy growth in January of this year.
00:31The expectations indicated a level of 3% and we expect it to decline to 1.9%.
00:39The reasons that prompted this study to change its perspective on the level of Saudi economy growth and the continuation of restrictions on oil production, which is expected to continue until the second quarter of this year,
00:52we do not forget that the decline in voluntary production by Saudi Arabia continued, and therefore the production levels will be reduced,
00:58preventing you from the profits recorded by Aramco, which comes in its will to Saudi Arabia.
01:05The level of oil prices a year ago reached nearly $ 130 per barrel, while today it is at $ 82 per barrel, and this certainly affects Saudi Arabia's finances.
01:18If we look at the performance of the Saudi economy since 2019 and until 2023, we take into account the growth rates of the real annual GDP for several sectors,
01:31including government activities, non-oil activities, oil activities and the overall GDP.
01:39The overall GDP was 1.1% in 2019.
01:44We have a decline in 2020 in the year of the corona with a 3.6% increase and a 5% reduction in the following year to open the economy.
01:55In 2022, the economic growth rate reached 7.5%, while in 2023 the economy shrank by 18%.
02:09Oil activities in 2019 recorded a 3.3% decline.
02:16In the year of the corona, oil activities recorded a 6% decline and a 20% reduction in the following year to open the economy.
02:24In 2022, oil activities recorded a 15% decline and a 20% reduction in the following year to open the economy.
02:34Oil activities recorded a 9% decline.
02:40According to the study, Saudi Arabia and the United Arab Emirates have different oil activities.
02:45In 2019, we have a very important surge in the country's budget to 3.7%.
02:54It declined and shrank in the year of the corona by about 3%.
02:58In 2021, it rose with the reopening of the economy by 7.4%.
03:03It declined in 2022 to 5.6%.
03:08In 2023, it reached 4.4%.
03:11Government activities recorded an increase of 1.7% in 2019.
03:17It shrank less than the rest of the activities in the year of the corona.
03:20In 2021, it returned to its 2019 level.
03:25In 2022, it increased by 4.6%.
03:28In 2023, it returned to its 2.1% level.
03:33The level of inflation in the Saudi economy reached 1.6% in March 2024.
03:41It rose by 8.8% on the number of gas, water, electricity and housing products.
03:48As for the food and beverage sector, it only recorded a 19% increase.
03:53These were the main influences on the level of inflation and growth rates.
03:58However, the experts and especially the IMF expect inflation in Saudi Arabia to reach 2.3% in 2024 and 2% next year.
04:10The IMF also expects growth rates in the Saudi economy to decrease from 2.7% to 2.6% this year.
04:19It will rise again in 2025 from 5.5% to 6%.
04:27This, of course, is due to the expected nature of the activities for Saudi Arabia to monitor,
04:31and the promises it promised to implement during this year and the coming years.