Jadwa Investment’s recently-released Chartbook for the month of September shows a Saudi economy awaking from the pandemic year with solid figures in non-oil PMI, consumer spending, and POS transactions.
The non-oil PMI was down in July, month-on-month, but only marginally so at 55.8, as output and new orders expanded at a slower pace. A PMI above 50 represents an expansion when compared with the previous month.
Consumer spending also rose in July, as POS transactions rose by 23.3 percent year-on-year, Jadwa said. On a monthly basis, overall consumer spending was up by 2.3 percent, as ATM cash withdrawals, POS transactions and e-commerce transactions all increased month-on-month.
More encouraging news for the Saudi economy was seen in the Kingdom’s industrial sector. Data for July shows that the industrial sector saw the largest monthly value of licensed investments in new factories on record, at SR50 billion ($13.33 billion). At the same time, the sector continued to see a growing number of jobs, with 2,931 net new hires.
Only a small change to government accounts with SAMA was observed in the latest report with a decline of SR767 million month-on-month.
[Click here to read the full report from Jadwa Investment] [Arabic]
