RIYADH: There has been an increase in business activities and the buying and selling of goods in Saudi Arabia, thanks to which the creation of new projects and job opportunities have also increased in the kingdom.
According to the latest Purchasing Managers’ Index report by American trading corporation S&P Global, the number of Saudi jobs in non-oil sectors in Saudi Arabia has increased sharply due to improvement in business conditions in July.
According to Arab News, activities in other business engagements in Saudi Arabia other than oil have accelerated due to the sale of goods, new projects and better marketing.
The report states that the demand for talent has increased as a result of improved business conditions, with conditions seeing the highest improvement since September 2019.
David Owen, economist at S&P Global Market Intelligence, said Saudi Arabia’s Purchasing Managers’ Index remained stable in July.
Economists say there was a substantial increase in new business in Saudi Arabia, which helped strengthen sales of export goods.
The report shows that suppliers coped effectively with the increased demand, such that vendors were able to reduce their delivery times.
Overall improvement in supplier performance is seen at the second fastest level in nearly four years.
In terms of price levels, the kingdom experienced slightly lower inflation in July, but it was still the second-fastest price increase since August 2020.
The latest survey data shows that companies have faced an increase in their costs, which has been attributed to rising oil prices. Rising costs for companies are passed on to both workers and consumers.
The S&P report said workers wages rose at the fastest pace since February 2018, and average prices saw more solid gains.