Arab Press

بالشعب و للشعب
Sunday, Mar 26, 2023

Business confidence hits 2-year high in Saudi Arabia as PMI climbs 58.2 in January  

Business confidence hits 2-year high in Saudi Arabia as PMI climbs 58.2 in January  

Saudi Arabia’s Purchasing Managers’ Index touched 58.2 in January 2023, the second-highest since September 2021, as the Kingdom steadily diversifies its economy in line with the goals outlined in Vision 2030, according to a report.
The latest Riyad Bank Saudi Arabia Purchasing Managers Index report, formerly the S&P Global Saudi Arabia PMI, noted that the confidence among non-oil private sector firms in the Kingdom climbed to a two-year high in January.

In December, the Kingdom’s PMI stood at 56.9, while in November, the index hit 58.5, the highest in the last 16 months.

According to the index, released by S&P Global, readings above the 50-mark show growth, while those below 50 signal contraction.

“Saudi Arabia is continuing its strong performance and outperformed the global economic trends for activity and demand. The non-oil sector is starting this year with a strong headline growth at 58.2 in January, recording the second highest growth since September 2021,” said Naif Al-Ghaith, chief economist at Riyad Bank.

He added: “This growth confirms the Saudi position as the fastest-growing economy among the Group of 20 countries despite economic headwinds.”

According to Al-Ghaith, the rise in business confidence in January was primarily driven by the ongoing improvement in the business environment, private-sector employment, and increased foreign investment with governance and labor market reform.

According to the report, new order inflows continued to rise at a marked pace in January, as firms typically commented on improving demand conditions and stronger client orders.

The report further added that demand from foreign clients increased rapidly and to a greater degree in January than at the end of 2022.

“Inflation is expected to soften in the upcoming months with the reduction in input cost pressures and the continued improvements in supply chains. We have started to see weaker increases in output prices corresponding with input costs. The rise in output prices was the softest in nearly a year, despite the growth in new orders which remained marked in January,” added Al-Ghaith.

The report went on and said that non-oil activity levels expanded sharply in January, with around a third of all surveyed companies seeing an uplift in the month.

“The degree of positivity picked up to the highest level since January 2021, as panellists largely expect demand growth to continue and market conditions to improve,” the report added.

As outstanding business levels fell for the consecutive eighth month, hiring growth moderated from December’s near five-year record.

According to the report, supply chain conditions remained relatively healthy at the start of 2023, while vendor performance improved at a solid pace as suppliers responded positively to requests for faster deliveries.

Related Articles

Arab Press
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
If this was in Tehran, Moscow or Hong Kong
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Spain officials quit over trains that were too wide for tunnels...
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
European MP Clare Daly condemns US attack on Nord Stream
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’