{"id":87579,"date":"2024-07-07T00:00:00","date_gmt":"2024-07-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/07\/non-oil-private-sector-activity-grows-at-slowest-pace-since-january-2022\/"},"modified":"2024-07-07T00:00:00","modified_gmt":"2024-07-07T00:00:00","slug":"non-oil-private-sector-activity-grows-at-slowest-pace-since-january-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/07\/non-oil-private-sector-activity-grows-at-slowest-pace-since-january-2022\/","title":{"rendered":"Non-oil private sector activity grows at slowest pace since January 2022"},"content":{"rendered":"

<\/strong>Non-oil business activity remained in growth territory last month \u2014 but <\/strong>expanded at its <\/strong>slowest pace in two and a half years<\/strong>, according to the Riyad Bank Saudi Arabia PMI (pdf)<\/a>. The headline PMI figure came in at 55.0 in June from 56.4 in May<\/a> driven by higher output levels despite a drop in new orders, input purchases, and employment. It remains well above the 50.0 threshold that separates growth from contraction.<\/p>\n

New orders took a hit<\/strong> as demand softened in the Kingdom. Intake rates were partially buoyed by a strong boost to export sales, which jumped up at the fastest rate recorded this year. The subindex settled at 56.0 down from 59.5 the previous month, Reuters reported<\/a>. June saw businesses\u2019 reduce their purchasing activity, following a period of unparalleled inventory expansion in recent months, resulting in purchases growing at its weakest level since September 2021.<\/p>\n

Output increased on the back of existing order books<\/strong>, cutting down backlog volumes in the Kingdom\u2019s non-oil sector. Businesses reported a rise in their employment numbers, yet rates were \u201conly modest and milder than in May\u201d, tapered by wage pressures forcing constraints onto operational costs. Delivery speed continued to improve. Inflation declined, yet, overall input costs increased at their quickest pace in the last four months.<\/p>\n

Optimistic despite the slowdown in growth:<\/strong> \u201cLooking at the second quarter as a whole, the growth figures for Q2 still indicate a positive outlook for non-oil GDP in Saudi Arabia, with expectations of growth exceeding 3%,\u201d Riyad Bank Chief Economist Naif Al-Ghaith is quoted as saying in the report.<\/p>\n

REFRESHER-<\/strong> Non-oil growth is central to the Kingdom\u2019s diversification strategy designed to reduce its reliance on oil revenues. The World Bank<\/a> \u2014 and more recently Riyad Capital<\/a> \u2014 expect the local non-oil economy to grow a strong 4.8% this year, up from 4.4% in 2023. Meanwhile, the government is gunning for a non-oil GDP of 4.5-5.0% in 2024<\/a>.<\/p>\n

FROM THE REGION-<\/p>\n

Egypt\u2019s PMI hit its highest level in three years<\/strong> at 49.9 in June (pdf)<\/a> from 49.6 in May;<\/p>\n

The UAE\u2019s PMI slipped<\/strong> to 54.6 in June (pdf)<\/a> from 55.3 in May;<\/p>\n

Qatar\u2019s PMI rose to a 23-month high<\/strong> of 55.9 in June (pdf)<\/a> up from 53.6 in May.<\/p>\n

Kuwait\u2019s PMI inched down<\/strong> to 51.6 in June (pdf)<\/a> from 52.4 in May;<\/p>\n","protected":false},"excerpt":{"rendered":"

New orders subindex settled at 56.0 in June from 59.5 a month earlier<\/p>\n","protected":false},"author":1,"featured_media":87580,"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-87579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-non-oil-economy","tag-purchasing-managers-index-pmi","wpautop","entry"],"acf":{"mongo_id":"dc28cdd6-563f-432d-9ea5-e1df59ca2e59","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/24.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi\u2019s non-oil private sector activity grew in June 2024 at the slowest pace in more than two years","related_issue":[87572],"teaser":"New orders subindex settled at 56.0 in June from 59.5 a month earlier","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.1233ffec-7e22-40c0-b3b6-4b4eb7fdd4d8.mp3"},"yoast_head":"\nNon-oil private sector activity grows at slowest pace since January 2022 - 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