Saudi Arabia’s non-oil private sector expands sharply in June – Gulf Today
- Date: 07-Jul-2023
- Source: Gulftoday.ae site:gulftoday.ae
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia’s non-oil private sector expands sharply in June – Gulf Today
People shop at a supermarket in Riyadh, Saudi Arabia. Reuters
The Saudi Arabian non-oil private sector expanded sharply during June, according to the latest data from the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI).
Both output and new orders rose at accelerated, multi-year record rates. In response, firms boosted their purchasing activity at the fastest pace in the survey history as they sought to meet higher business requirements and bolster stock.
Employment rises to strongest degree since August 2015. Jobs growth was maintained, and some firms reported paying higher wages to retain experienced staff.
The headline figure is the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI). The PMI is a weighted average of the following five indices: New Orders (30 per cent), Output (25 per cent), Employment (20 per cent), Suppliers’ Delivery Times (15 per cent) and Stocks of Purchases (10 per
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