Saudi Arabia’s Council of Economic and Development Affairs reviewed the performance of the Vision 2030 realization programs for the second quarter of this year during a video conference on Wednesday.
The council was briefed on a periodic report from the Ministry of Economy and Planning, which provided an analysis of global economic developments, including interest rate reductions and their effects on major and emerging economies.
Additionally, the council examined a presentation from the Strategic Management Office on the performance report for the Vision 2030 realization programs during the second quarter of 2024. The report highlighted key achievements, strategic objectives, an assessment of the initiatives, and a comprehensive overview of performance, along with future aspirations. The report noted continuous progress across the three main pillars of Vision 2030: a vibrant society, a thriving economy, and an ambitious nation.
Recent indicators show sustained significant progress across all pillars. The total value of foreign direct investment (FDI) inflows into the Kingdom's economy reached approximately SAR19.4 billion, according to a recent report from the General Authority for Statistics (GASTAT). The report also revealed a 23.4% increase in net FDI inflows during the second quarter compared to the first quarter, totaling SAR11.7 billion.
In another positive sign, the unemployment rate for Saudi nationals dropped to a historic low of 7.1%, approaching the Vision 2030 target of 7%.
In the area of non-oil exports, a 19% increase was recorded in July 2023 compared to the same month in 2022. Furthermore, the Ministry of Justice’s electronic services index exceeded its target, reaching 108% during the second quarter of 2023.
Regarding the performance of public agencies, which saw an 83% achievement rate in Vision 2030 targets, the council reviewed a presentation from the National Center for Performance Measurement, detailing the work of public agencies and future plans to enhance national strategies.
The council also reviewed other reports and topics, including an executive summary of consumer and wholesale prices for July, a summary of the consumer price index for the same month, and a foreign trade report for June.
