{"id":89321,"date":"2024-09-04T00:00:00","date_gmt":"2024-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/04\/saudis-non-oil-private-sector-activity-reverses-five-month-downtrend-in-august\/"},"modified":"2024-09-04T00:00:00","modified_gmt":"2024-09-04T00:00:00","slug":"saudis-non-oil-private-sector-activity-reverses-five-month-downtrend-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/04\/saudis-non-oil-private-sector-activity-reverses-five-month-downtrend-in-august\/","title":{"rendered":"Saudi\u2019s non-oil private sector activity reverses five-month downtrend in August"},"content":{"rendered":"

The Kingdom\u2019s non-oil private sector activity grew at a faster pace in<\/strong> August<\/strong>, on the back of an increase in new orders, growth in government spending, and higher foreign sales, according to the <\/a>Riyad Bank Saudi Arabia PMI (pdf)<\/a><\/a>. <\/p>\n

Stronger expansion:<\/strong> The headline PMI figure recorded a slight increase to 54.8 in August, up from 54.4 in July<\/a>, reversing a five-month downward trend. Despite the month-on-month growth, the index is below the 56.9 long-run average, the report reads. A score of 50.0 is the cutoff point that separates growth from contraction.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Selling at cheaper prices: <\/strong>Growth in the non-oil private sector output saw the slowest momentum last month since the beginning of 2022, forcing businesses to reduce prices for the second month in a row in order to stimulate demand.<\/p>\n

Costs were a mixed bag: <\/strong>Input costs fell to their lowest level since July 2023, while staff wages increased as firms boosted salaries.<\/p>\n

Purchasing activity and stock levels were also on the rise last month<\/strong>, accommodating new orders and reducing backlogs at the fastest rates since June 2020.<\/p>\n

Exports on the rise: <\/strong>\u201cThe increase in new export orders, although slower than the overall growth, shows that Saudi companies are finding opportunities abroad, despite facing tough competition in international markets,\u201d said Naif Al Ghaith, chief economist at Riyad Bank.<\/p>\n

A bullish outlook: <\/strong>The sector\u2019s employment rate saw the sharpest increase in a decade, \u201csignaling that businesses are increasingly confident in their expansion plans,\u201d Al Gaith added. Businesses\u2019 expectations for the year ahead are \u201crising to their strongest since March,\u201d the report reads.<\/p>\n

\n

FROM THE REGION-<\/p>\n

Egypt\u2019s PMI rose to 50.4 last month,<\/strong> placing the country\u2019s private non-oil sector in growth territory for the first time since November 2020, according to S&P Global\u2019s Egypt PMI (pdf)<\/a>.<\/p>\n

Kuwait's PMI fell below 50.0 in<\/strong> August for the first time in over a year and a half.<\/strong> The index came in at 49.7, down from the 51.5 recorded in July, according to Kuwait\u2019s S&P Global PMI (pdf).<\/a> <\/p>\n

Qatar's PMI bumped up to 53.1 in August<\/strong>, up from 51.3 in July, according to Qatar Financial<\/a><\/a>Center\u2019s PMI (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The PMI figure rose for the first time this year since February<\/p>\n","protected":false},"author":1,"featured_media":89322,"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":[2471,27,10,2482,1364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-business","tag-economy","tag-enterpriseam-ksa","tag-non-oil-sector","tag-purchasing-managers-index-pmi","wpautop","entry"],"acf":{"mongo_id":"1b409fe3-d0a8-4a33-92ef-759e5cb2a124","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/224.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi\u2019s non-oil private sector activity reverses a five-month downtrend in August","related_issue":[89316],"teaser":"The PMI figure rose for the first time this year since February","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.7f6062cb-aa67-4736-a6a6-77b3db1b8056.mp3"},"yoast_head":"\nSaudi\u2019s non-oil private sector activity reverses five-month downtrend in August - 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