On the Riyad Bank’s Purchasing Managers’ Index, Saudi Arabia’s non-oil sector witnessed its first increase since February, and the Kingdom’s total score increased by 0.4 points on a monthly basis.
The economic tracker for August increased from 54.4 in July to 54.8, indicating that Saudi Arabia’s corporate activity is still growing.
The study emphasized the strong trend of job creation, with employment rising at one of the fastest rates in ten years. A combination of rising new orders and optimistic business prospects has caused enterprises to step up their efforts to boost their operating capacity, which is reflected in the hiring uptick.
The indicator continued to show a slower rate of expansion than in previous years and stayed below its long-run average of 56.9.
Naif Al-Ghaith, chief economist at Riyad Bank, pointed out that despite the difficulties brought on by a competitive market, economic activity has been expanding.
“The Kingdom’s ongoing success in diversifying its economy is shown in the robust 4.4 percent increase in non-oil GDP in the second quarter of 2024,” he continued. “Saudi Arabia’s non-oil sector continues to display economic resilience.”
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