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Saudi non-oil sector growth in July
Private non-oil sector companies in Saudi Arabia gained strong momentum in July, with operational conditions improving for the fourth consecutive month despite regional challenges. The Purchasing Managers' Index (PMI) showed a slight decrease from 53.3 points in June to 53.1 in July, indicating continued expansion in the sector. Companies experienced a 19% increase in production and new orders, while international demand declined for the fifth month due to rising shipping costs and increased competition pressures, despite a slowdown in export contraction. Regarding employment, the number of employees rose slightly amid ongoing excess capacity, while lead times shortened and supply chains significantly improved. Inflationary pressures persisted, with costs rising at the slowest pace in four months, though labor costs increased at their fastest rate in five months. Despite these positive indicators, business confidence in future growth declined due to regional tensions and heightened competition, with only 8% of companies expecting to see growth in their production over the coming year.
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