Saudi Arabia's non-oil activity increasing in line with Vision 30
07/05/24
Saudi Arabia's non-oil business activity grew at a steady rate in April according to a recently published survey with domestic demand driving output.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) stood at 57.0 in April, the same as March and well above the 50.0 mark denoting expansion in activity. The Output subindex was recorded at 61.9 in April, continuing to reflect strong demand conditions, with Wholesale and Retail registering the strongest expansion in output.
Furthermore the figures suggest an anticipated rise in non-oil GDP, likely exceeding the 4.5% mark for this year based on a surge in new orders and inventory expansion. Such factors are indicative of a proactive response and favourable business conditions resulting in the increase in demand within the market. According to the survey, the 12-month business outlook remained robust in April, with positive sentiment across all major sectors. The non oil sector is an important part in diversifying the Kingdoms GDP and is a key pillar in the Saudi Vision 30.
Additional preliminary government data revealed that non-oil Gross Domestic Product (GDP) grew 2.8% year-on-year. Meanwhile first quarter non oil revenues rose by 9% to reach SAR 111.51 billion (USD 29.73 billion) when compared to the same period in 2023 according to the Saudi Ministry of Finance.
The Kingdom posted total revenues of SAR 293.4 billion (USD 78.3 billion) in the same quarter, while its public spending amounted to SAR 305.8 billion (USD 81.54 billion).
Business Start Up Saudi Arabia offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Saudi, Saudi Business Case, Saudi Business Model Development, Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.
Please click on the link to learn more about opportunities and possibilities in Saudi Arabia as well asthe initiatives of Business Start Up Saudi Arabia.
