23 Hrs
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الاقتصادية
Saudi business confidence hits new high
The Business Confidence Index in Saudi Arabia rose to 56.7 points in August, marking a 0.3% monthly increase, the fifth consecutive rise after three quarters of decline. This improvement was driven by increased confidence in the industrial and services sectors, with the industrial sector growing by 1.9% — its fastest pace in 19 months — and the services sector rising by 1.6%. However, the construction sector declined by 0.7% due to diminished confidence regarding input costs. Despite the challenges caused by the war and a 23% drop in oil production in March, Saudi Arabia successfully exported 5 million barrels per day via the Yanbu port, benefiting from the east-west pipeline. This helped mitigate economic impact, and the economy is projected to grow by 5.5% in 2027, the highest rate forecasted for the next five years.
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