{"id":84087,"date":"2024-03-06T00:00:00","date_gmt":"2024-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/06\/non-oil-business-activity-rallies-in-february\/"},"modified":"2024-03-06T00:00:00","modified_gmt":"2024-03-06T00:00:00","slug":"non-oil-business-activity-rallies-in-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/06\/non-oil-business-activity-rallies-in-february\/","title":{"rendered":"Non-oil business activity rallies in February"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Non-oil business <\/strong><strong>activity regained<\/strong><strong> momentum in February 2024, recovering<\/strong><strong>from January\u2019s slump<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/373.pdf\" style=\"\" rel=\"noopener\">Riyad Bank Saudi Arabia PMI (pdf)<\/a> out yesterday. Headline PMI hit 57.2 last month on stronger demand, up from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4f59dc30-c06b-4edb-8262-e846f0615193\" style=\"\" rel=\"noopener\">55.4 in the previous month<\/a> which marked its lowest reading in two years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Output increased at the fastest pace in five months: <\/strong>Output came in at <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/saudi-arabias-non-oil-business-activity-rebounds-feb-pmi-survey-shows-2024-03-05\/\" style=\"\" rel=\"noopener\">61.5<\/a> in February, up from <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/saudi-arabias-non-oil-business-activity-slows-2-year-low-jan-pmi-2024-02-05\/\" style=\"\" rel=\"noopener\">58.1<\/a> in the previous month fueled by heightened demand, a vibrant tourism sector and a resilient construction sector, the report reads. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exports orders drove an uptick in new orders to <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/saudi-arabias-non-oil-business-activity-rebounds-feb-pmi-survey-shows-2024-03-05\/\" style=\"\" rel=\"noopener\">62.2<\/a> in February, up from 60.5 in the previous month, signaling resilient \u201cdemand for domestic products from international markets and high competitiveness in local industries,\u201d according to Riyad Bank Chief Economist Naif Al-Ghaith. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Purchasing activity remained strong as local firms ensured a steady inflow of inputs<\/strong> to secure lower prices from suppliers given the outlook on demand. This resulted in the sharpest increase in inventory levels since August 2022. Firms also witnessed an improvement in delivery times <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Employment <\/strong><strong>levels grew at one of their fastest rates in eight years<\/strong>, suggesting a higher demand for labor in a growing non-oil economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Easing inflationary pressures:<\/strong> Purchasing prices increased at their slowest rate in five months in february, and staff wages at their slowest in six months. Higher market competitiveness put a lid on selling prices in the same months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AROUND THE REGION<\/p>\n<ul>\n<li><strong>The UAE\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/360.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a><\/strong><strong> expanded <\/strong>to 57.1 in February, up from 56.6 in the previous month. This marks its fastest growth pace in five years on the back of rising demand. <\/li>\n<li><strong>Egypt\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/353.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a><\/strong><strong> fell <\/strong>to 47.1 in February down from 48.1 in January, logging an 11-month low as inflation pressures and Suez Canal disruptions dampened demand and caused supply-side challenges. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Output came in at 61.5 in February, up from 58.1 in the previous month<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27,10,1365,1364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84087","post","type-post","status-publish","format-standard","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-non-oil-economy","tag-purchasing-managers-index-pmi","wpautop","entry"],"acf":{"mongo_id":"8990aa0e-b812-4224-8665-9713b24a6b8d","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Non-oil business activity rallies in February","related_issue":[84082],"teaser":"Output came in at 61.5 in February, up from 58.1 in the previous month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.c04e02ae-391d-4faf-bdb8-30fe0368bb36.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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