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Saudi business activity rises to 3-month high;more Saudis get jobs
Published in The Saudi Gazette on 05 - 07 - 2011

Business activity in Saudi Arabia's non-oil private sector edged up to a three-month high in June after four consecutive monthly declines, while job creation and input inflation slowed, a survey showed Monday.
Buying activity remained strong in June, with around 33 percent of monitored companies acquiring additional inputs to meet demand. Consequently, input stocks continued to build.
Efficient service, due to good business relationships and strong competition amongst suppliers, led to improved vendor performance in June. Lead times have shortened in every month of the survey history, although the latest improvement was slower than in May.
The SABB HSBC Saudi Arabia Purchasing Managers' Index (PMI), which measures activity in the OPEC member's manufacturing and services sectors, rose to 62.8 in June from 62.6 in May.
And to accommodate greater business requirements, the non-oil private sector firms continued to recruit new employees in June, "albeit at a weaker rate than in May," the report noted.
As the Arab world's biggest economy, Saudi Arabia wants to have "a greater role" at the International Monetary Fund, the official Saudi Press Agency reported earlier, citing Saudi Finance Minister Ibrahim Al-Assaf.
Several companies made particular note of the hiring of locals – possibly reflecting the incentives offered by the new Nitaqat scheme recently announced by the Labor Ministry. Job creation was faster at large and medium firms than at small companies.
The seasonally adjusted index for the world's top crude exporter is holding well above the 50 mark that separates growth from contraction.
The survey of more than 400 private companies, which started in August 2009, also showed new orders rising to 72.7 in June, their highest level in five months.
Saudi non-oil private sector firms continued to recruit new employees in June, though at a weaker rate than in May, increasing at the sharpest rate for three months as a result. Company size data suggested that medium firms expanded activity at a faster rate than large or small firms at the end of Q2.
Backlogs of work were almost unchanged in June, following moderate growth in May. This was despite a stronger inflow of new orders. Anecdotal evidence suggested that the slowdown reflected efforts by some firms to keep on top of workloads.
Latest data signaled a pick-up in overall new business growth in June. The rate of increase was the most marked for five months, partly reflecting a series record increase in new export orders. Strong market conditions (both at home and abroad), company expansions and competitive pricing were all reasons for improved new business performance, according to respondents.
Saudi Arabia plans to spend an estimated $130 billion, or nearly 30 percent of its economic output, to ease social tensions, building new homes and hospitals.
Overall input price pressures eased in June, reflecting less marked increases in both purchasing and staff costs, although they remained elevated by historical standards, the survey showed.
Output price inflation eased in June but also stayed above its long-run trend. Inflation in the biggest Arab economy slowed to a 15-month low of 4.6 percent on an annual basis in May, although analysts expect price pressures to pick up again.


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