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Business climate for Kingdom's non-oil private sector improves
Published in The Saudi Gazette on 11 - 05 - 2013

JEDDAH — Operating conditions in Saudi Arabia's non-oil producing private sector has improved in April, the Saudi British Bank said as it released the results of the Purchasing Managers' Index it issued along with the Hong Kong Shanghai Banking Corporation (HSBC).
The result reflects the economic performance of the Saudi Arabia non-oil producing private-sector companies monitored through a number of variables, including output, orders, prices, stocks and employment.
The April data suggested a further improvement in operating conditions in Saudi Arabia's non-oil producing private sector, as the PMI posted 58.0, down slightly from 58.9 in March. While the latest survey data marked the lowest reading in five months, the rate of improvement remained sharp, SABB said.
Output levels continued to increase at a solid pace in April, with 31 percent of respondents indicating a rise in production. Panelists linked the expansion to improving market conditions and increased incoming new business.
Driven by improved marketing efforts, order book volumes rose during the latest survey period. The rate of growth moderated slightly from March, but remained sharp. New business from abroad also rose at a slightly weaker rate than in the previous survey period.
Non-oil-producing private sector companies in Saudi Arabia indicated a third successive monthly increase in levels of outstanding business. Increase in new orders was cited as the main reason for the rise in work-in-hand. Meanwhile, vendor performance improved at the sharpest rate in four months.
Overall input costs continued to increase during the latest survey period, but the rate of cost inflation eased slightly from March.
While an increase in purchase prices was driven by general inflationary pressures, average staff costs were broadly unchanged from the previous month.
Output prices charged by Saudi Arabian non-oil producing private sector companies rose moderately in April, as the majority of respondents indicated unchanged charges from the previous month. Where higher charges were reported, panelists commonly commented on increased input costs.
Purchasing activity increased further during April, as 35 percent of companies recorded a rise in the quantity of inputs purchased. According to anecdotal evidence, the rise was encouraged by increased incoming new business volumes.
Input stocks at Saudi Arabian non-oil-producing private sector companies rose during April, as companies predicted growth of incoming new business and production requirements. — SG


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