السعودية تسجل أسرع نمو للقطاع غير النفطي في نصف عام

Saudi Arabia achieved a remarkable economic milestone in September, as the Riyad Bank Purchasing Managers' Index survey showed a noticeable increase in non-oil economic activity, highlighting the Saudi economy's ability to innovate and adapt in the face of challenges.

According to the report, the main index rose from 56.4 in August to 57.8 in September, indicating a strong improvement in operating conditions that exceeds the usual growth average. This performance was supported by several fundamental factors that came together to create a favorable environment for growth and development.

Non-oil companies witnessed a significant increase in new business volumes, both from the local market and through international transactions, supported by effective marketing strategies and flexible pricing. Production also increased at the fastest pace since February, while strong demand prompted businesses to accelerate their purchasing rates for inputs, leading to an expansion in inventories to the highest level since April, with a focus on effective management to ensure smooth distribution and an increasing readiness for future orders.

In terms of employment, companies continued to hire new staff at historic rates, responding to the increase in demand and the necessity of completing projects on time, which contributed to the stability of backlogged work after months of increases.

Optimism was also reflected in future prospects, as companies' confidence in the coming months rose, driven by expectations of increased demand, successful marketing efforts, and the acquisition of new clients.

However, the indicators are not without challenges; high input costs, affected by wage increases and suppliers passing on additional costs, continue to exert pressure on operating margins. Although the rise in selling prices persisted, its pace declined to the lowest level in four months, amid attempts by some companies to maintain their competitiveness.

This strong performance reflects Saudi Arabia's excellence not only in crisis management but also in anticipating opportunities and enhancing economic diversification away from oil dependence, in line with the 2030 Vision, which proposed a roadmap for sustainable economic transformation. The future outlook indicates that the country is on the brink of a new chapter of growth supported by innovation and the strength of the private sector.

* Implications of economic growth in Saudi Arabia:

- Historic hiring of new staff

- Stability of businesses

- Future optimism from companies

- Continued project completion