{"id":92198,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/04\/non-oil-economy-posts-record-growth-in-november\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"non-oil-economy-posts-record-growth-in-november","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/04\/non-oil-economy-posts-record-growth-in-november\/","title":{"rendered":"Non-oil economy posts record growth in November"},"content":{"rendered":"

Saudi\u2019s non-oil business sector logged its strongest performance since July <\/strong>2023 <\/strong>in <\/strong>November<\/strong>, marking four consecutive months of gains as solid consumer demand drove new orders despite higher cost pressures, according to the Riyad<\/a>Bank Saudi Arabia PMI (pdf)<\/a>. The seasonally adjusted headlined figure climbed to 59.0 last month, up from 56.9 in October<\/a>, and remaining well above the 50.0 mark that separates growth from contraction. The story got ink from Reuters<\/a>. <\/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

Strong order books drove the momentum: <\/strong>The new orders subindex climbed to 63.4 in November, up from 62.5 the previous month, on the back of higher customer demand, increased investment spending, and positive reactions to marketing campaigns. Businesses also noted a recovery in export sales, reversing a slight dip seen in October. <\/p>\n

\u201cThis robust expansion, marked by accelerated output and demand, reflects the<\/strong> increasing capacity of non-oil sectors to contribute to economic activity<\/strong> independently of oil price fluctuations. Growth was driven by sharp rises in new orders, purchasing activity, and employment, highlighting robust domestic demand and business confidence,\u201d Riyad Bank Chief Economist Naif Al Ghaith said.<\/p>\n

Hiring + inventories are also on the up: <\/strong>Employment growth hit its second-highest level in over a decade, with companies ramping up hiring to manage rising workloads. Higher staff numbers helped businesses work through backlogs, with outstanding business seeing a slight decline. Purchasing activity and inventory levels also saw sharp increases, reflecting confidence in sustained demand growth. \u201cThe acceleration in purchasing activity and inventory expansion suggests businesses are gearing up for continued growth in demand,\u201d Al Ghaith noted.<\/p>\n

The flip side? Inflationary pressures: <\/strong>Input costs rose at their fastest in over four years, with businesses citing higher wages \u2014 which saw their steepest rise in 10 years \u2014 and higher material costs on the back of geopolitical disruptions and higher transport costs. Strong demand also prompted firms to pass on costs to consumers, selling prices rising at their quickest pace since January. Meanwhile, higher purchasing by firms in November placed stresses on supply chains, with supplier performance improving at its slowest clip in 15 months. <\/p>\n

IN CONTEXT- <\/strong>October saw selling prices rise for the first time in four months<\/a>, as firms began passing on cost pressures to customers after months of absorbing them, with competition previously keeping prices in check.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strong demand drove businesses to shore up their inventories and ramp up hiring<\/p>\n","protected":false},"author":1,"featured_media":92199,"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":[27,10,2482,1364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-non-oil-sector","tag-purchasing-managers-index-pmi","wpautop","entry"],"acf":{"mongo_id":"35b22534-486f-49f1-95d1-b875e8d6b6f0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/378.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Non-oil economy posts record growth in November","related_issue":[92193],"teaser":"Strong demand drove businesses to shore up their inventories and ramp up hiring","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.13d89385-684d-457b-95ec-6e662f3529a2.mp3"},"yoast_head":"\nNon-oil economy posts record growth in November - 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