Financial News: Saudi Arabia's Non-Oil Private Sector Logs Further Sharp

Saudi Arabia's Non-Oil Private Sector Logs Further Sharp Expansion

05/03/2023 - 10:35:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector continued to expand strongly in April on the back of strong domestic demand conditions, survey results from S&P Global showed on Wednesday.

The Riyad Bank Purchasing Managers' Index rose to 59.6 in April from 58.7 in March. A reading above 50 indicates expansion in the sector.

New orders increased at the fastest pace since September 2014. This was more evident in the domestic economy, as export orders dropped marginally at the start of the second quarter.

Rising tourism numbers and higher consumer spending, along with new business opportunities related to major infrastructure projects, all contributed positively to overall customer demand.

As a result, employment levels in the sector rose in April, though marginally.

On the price front, input prices and staff wages showed another sloid increase in April, but overall business expenses rose at the slowest rate for three months.

Finally, businesses in Saudi Arabia remain upbeat about their growth prospects for the year ahead.

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