Sunday, July 14, 2024

Strong improvement in business conditions for non-oil companies


In a recent study by the Purchasing Managers Index, Saudi non-oil companies recorded strong improvements in business conditions in May, with significant expansion in operations and new orders.

A study published by S&P Global pointed out that the recovery was accompanied by another increase in production prices as companies responded to rising inflationary pressures on fuel and raw material prices and the level of confidence of companies in future performance. Saw its first recovery in 3 months, but firms maintained moderate optimism amid concerns that inflation could hamper demand in global and domestic markets.

The headline PMI of 55.7 for the second consecutive month in May indicates strong growth in the non-oil private sector economy, so business conditions have improved over the past 21 months, however, below the recent reading series. Average. Long-term 8.56 points.

Non-oil private sector output, although low since January, continues to rise sharply in the middle of the second quarter, the study said.

Reports indicate that new business rose slightly faster than in April, and that nearly a third of participating companies indicated an increase in sales this month, and that the increase in demand is based on a partial recovery. Economic activity, in addition, companies have increased new export orders for the third month in a row since the easing of the epidemic, albeit at a lower level than domestic sales.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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