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FinancialNews


  • 04-01-23

    Saudi Arabia’s employment figures surge at most powerful level in over 4 years

    (MENAFN) Saudi Arabia’s employment figures seen their most powerful expansion rate since January 4 years ago, as non-oil firms saw a massive growth in business actions motivated by strong market request and business intake, as shown by a report.

    The most recent Riyad Bank Saudi Arabia Purchasing Managers Index report pointed out that the nation’s main PMI stood firmly over the 50.0 no-change mark reaching 56.9 in December 2022 — a margin decrease from November when the index reached 58.5.

    In October, Saudi Arabia’s PMI stood at 57.2, whereas in September, it reached 56.6.

    In line with the index, issued by S&P Global, readings over the 50-mark indicate expansion, whereas those under 50 signal contraction.

    “Job creation in the non-oil sector has never been this strong in almost five years. This is attributed to the ongoing reforms that support the private sector under the Saudi Vision 2030,” according to Naif Al-Ghaith, head economist at Riyad Bank.

    He also mentioned that “We see operating conditions remaining favorable in December, characterized by rapid growth in the non-oil activities and a robust labor market by the end of 2022, with both jobs and wages having far more momentum than previously thought.”

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