Saudi Arabia’s June PMI highlights rapid growth in non-oil private sector

Saudi Arabia’s June PMI highlights rapid growth in non-oil private sector

The headline seasonally adjusted Purchasing Managers’ Index (PMI) of Saudi Arabia reflected a rapid expansion of the non-oil private sector during June 2023. The PMI reading increased to 59.6 last month from , according to ’s latest data. Both output and new orders rose at accelerated, multi-year record rates. In this regard, firms boosted their purchasing activity at the fastest pace in the survey history in order to meet higher business requirements and bolster stock. The reports highlighted that output rose at the steepest rate since March 2015, whilst sales growth was the strongest for nearly nine years. Firms across the Kingdom sought to bolster stocks to prepare for expected growth in the coming months, with the rate of inventory accumulation reaching a ten-month high. The job growth was maintained, and some firms reported paying higher wages to retain experienced staff. Employment hiked to the strongest degree since August 2015, as confidence in the outlook remained positive, rising to its highest since January. said: Al Ghaith continued. He elaborated: the official concluded.