Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in the non-oil sector, according to the latest Purchasing Managers Index data report from S&P Global.
As per the conclusions of the report, the expansion came about thanks to the country’s higher sales, new projects and better marketing.
“The Saudi Arabia PMI remained firmly in growth territory in July, posting 56.3 after reaching an eight-month high of 57.0 in June,” said David Owen, an economist at S&P Global Market Intelligence.
The improved business conditions resulted in stronger demand for talents, which has now reached the highest since September 2019, said the report.
“New business continued to rise substantially, helped by recovering demand and strengthening export sales,” he said.
The jump in employment numbers and output levels led to a drop in backlogs of work, where unfinished orders were supported with progressive buying activity.
“The overall improvement in supplier performance was the second-fastest in almost four years,” said the report.
The kingdom faced slightly lower inflation in July but still marked the second fastest price increase since August 2020.
Companies continued to face a rise in input costs, where the main drivers were attributed to rising oil and material prices, the latest survey data showed.
The staff wages increased at the fastest rate since February 2018, and the average prices charged saw a further solid increase, said the report.