Saudi Arabia announced on Wednesday various positive economic indications last year, despite the 0.86-percent GDP contraction, Saudi Press Agency reported.

The slight decline in the GDP resulted from the decline of the oil sector by 3.09 percent, however, the non-oil sector registered a growth of 1.05 percent, according to the 54th annual report of the Saudi Arabian Monetary Authority (SAMA).

Besides, the average consumer price index fell by 0.9 percent in 2017 compared with a rise of 2 percent in 2016, the report revealed.

SAMA Governor Ahmed bin Abdul Karim Al-Khulaifi said that among the positive indicators of the national economy is the remarkable improvement in the kingdom's current account of the balance of payments, which recorded a surplus of 15.2 billion U.S. dollars in 2017 compared with a deficit of 23.8 billion U.S. dollars in 2016.

He hoped that the local economy would continue to gradually adjust to the reforms adopted during the last two years by achieving good growth and contributing to the goals of the kingdom's Vision 2030.

He pointed out that the economic policies in Saudi Arabia have recently witnessed many developments aimed at strengthening the economic structure and moving towards a diversified and sustainable economy.

He also noted that in early 2018, a plan was adopted to diversify and increase the effectiveness of the financial sector, through stimulating savings, finance and investment.