September 25 - 27 2024

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Saudi non-oil sector's strong expansion in June driven by new businesses

Photo taken in Riyadh, Saudi Arabia. Getty Images , Getty Images/EyeEm

Saudi Arabia's non-oil private sector expanded sharply during June as output and new orders rose at accelerated, multi-year record rates, according to the Purchasing Managers' Index  (PMI) data from the Riyad Bank.

June’s headline PMI number came in at 59.6, up on May’s 58.5 and again indicative of a strong, above trend rate of growth.

Naif Al-Ghaith PhD, Chief Economist at Riyad Bank, said: “The kingdom’s non-oil private sector remained on a steeply upward growth trajectory by the end of the second quarter, as inflows of new business accelerated, particularly in construction and tourism activities."

"The sub-indices for output (66.1) and new orders (69.5) accelerated to multi-year record rates, boosting the headline Riyad Bank PMI to 59.6, well above the long-run trend level and slightly lower than February’s level that was the highest in eight years," he added. 

Growth in employment opportunities was maintained, and some firms reported paying higher wages to retain experienced staff. Overall, employment growth picked up, reaching its strongest level since August 2015, according to the PMI survey.

Firms are increasing their purchasing activity and seeking to strengthen stocks to prepare for expected growth in the coming months, with the rate of inventory accumulation reaching a ten-month high.

Confidence in the outlook remained positive, rising to its highest since January, the PMI survey noted.

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