Saudi Arabia’s economy continues its streak of growth with positive data points in key areas like non-oil PMI, consumer spending, business activity and new work, according to the latest monthly chartbook released by Jadwa Investment.
In Saudi Arabia, the non-oil PMI saw a significant rise month-on-month in August, rising to 57.7 from 56.3 in July, the highest reading since October 2021, as business activity and new work grew at a faster rate during the month, Jadwa Investment said. Meanwhile, cement sales and production were up during August.
Consumer spending was up 13.2 percent year-on -year in August, and by 4 percent month-on-month, with POS transactions rising 21 percent year-on-year, while cash withdrawals declined by 1.4 percent, year-on-year, the report said.
In the industrial sector, in July, the non-oil manufacturing index saw a significant rise by 32.6 percent year-on-year. More recent data for August put the monthly value of licensed investments in new factories at SR4 billion ($1.06 billion), with 115 new licensed factories during the month, Jadwa said.
Consumer prices rose by 3 percent year-on-year, and by 0.4 percent month-on-month in August. Within the CPI basket, ‘food and beverages’ rose by 4 percent year-on-year, and 0.8 percent month-on-month, according to the report.
[Click here to read the full October 2022 Chartbook from Jadwa Investment] [Arabic]
