RIYADH: According to a market tracker, Saudi Arabia’s non-oil company activity grew in July despite a slowdown in growth velocity. The Purchasing Managers’ Index decreased to 56.3 from 57.2 in June. The PMI, which was compiled for Riyad Bank by S&P Global, continued to show improvement in operational conditions for the private sector by staying far over the neutral 50-point mark. The strong expansion of non-oil commercial activity in Saudi Arabia is consistent with Vision 2030’s overarching objectives, which include diversifying the Kingdom’s economy and lowering its dependency on oil earnings.
This comes as the General Authority for Statistics last month announced flash estimates showing that Saudi Arabia’s GDP increased by 3.9 percent year over year in the second quarter of 2025, powered by robust growth in the non-oil sector. “Saudi Arabia’s non-oil economy remained on a solid growth track in July, supported by higher output, new business, and continued job creation,” stated Naif Al-Ghaith, chief economist at Riyad Bank. The headline PMI showed a high level of activity in the private sector, but slightly declining to 56.3 from 57.2 in June. “Even though some indicators showed signs of cooling compared to earlier in the year, firms continued to benefit from ongoing project work, resilient domestic demand, and focused marketing efforts,” he stated.
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