Saudi organizations see increased ransomware attacks in 2021, report shows

Follow-ups -eshrag News:

Saudi Arabia’s oil activities have driven the Kingdom’s real gross domestic product to its highest growth rate in the last 10 years, according to the monthly economic report by Al Rajhi Capital. 

The economy saw a 9.6 percent year-on-year increase in the first quarter of 2022, fueled by a 20.4 percent rise in the oil sector.

This growth has prompted the International Monetary Fund to revise its growth forecast for the Kingdom to 7.6 percent from 4.8 percent — 2.8 percentage points more than previously expected. 

The IMF attributed this upgrade to the rise in oil output, in line with the Organization of Petroleum Exporting Countries compliance agreement.

Saudi Arabia’s economic indicators

The money supply, which reflects the total money in circulation in the country, increased by 8.4 percent year-on-year in March 2022, compared to a 7.8 percent growth in February.

Total advances granted to the private sector increased to 14.8 percent during the same period, compared to 14.9 percent growth in February, 

Growth in loans provided to the public sector quickened to 11.9 percent in March, compared to 11.5 in the previous month.

Total deposits had a 9.4 percent growth rate during the same period, with business and individual deposits, which make up around 70 percent of total deposits, and government entities recorded annual increases in March 2022 of 5.7 percent  and 10.4 percent, respectively. 

The loan to deposit ratio came at 81.5 percent.

The banking sector profits rose by 49.9 percent year-on-year in March 2022, compared to 55.2 percent in the previous month.

Saudi Arabia Central Bank foreign reserves grew by 0.5 percent year-year in March 2022, compared to 0.1 percent increase in February.

Remittances by Saudi nationals increased at an annual rate of 1.4 percent in March, compared to 33.7 percent in the preceding month.

Point-of-sale transactions increased by 24.9 percent year-on-year in March 2022 amounting to SR50.997 billion ($13.6 billion) in sales value, with restaurants and hotels leading this increase by recording 42 percent growth.

ATM cash withdrawals witnessed a further decline in growth of 8.9 percent, compared to a 11.10 percent year-on-year decline in February.

The consumer price index increased by 2 percent in March 2022 compared to 1.6 percent growth year-on-year in February. This increase was driven by higher gasoline prices — 14.7 percent — and by an increase in meat and vegetable prices.

Saudi Arabia’s production of crude oil grew 27.5 percent year-on-year in April 2022, compared to 26 percent in March.

The real estate price index edged up by 0.4 percent in the first quarter of 2022, compared to 0.9 percent in the last quarter of 2021. 

This growth was driven by residential property, while commercial and agricultural property witnessed declines during the same period of 1.7 percent and 0.5 percent, respectively.

Noting that the news was copied from another site and all rights reserved to the original source.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button