Saudi Sees Strongest Growth in Jobs Since Five Years
- Publish date: Tuesday، 03 January 2023 | Last update: Wednesday، 04 January 2023
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According to the latest PMI data for December from Riyad Bank, Saudi businesses in the non-oil sector are hiring at the fastest pace seen since January of 2018.
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The Saudi economy is forecast to grow at 4 percent plus. Adding more staff had an immediate impact, with companies able to cut their work backlog for a seventh month running.
Saudi Arabia’s PMI score closed the year at 56.9, well above the 50.0 median. But it was still a drop on the 58.5 recorded in November.
Businesses were reporting sharp rise in new orders received, with 30 per cent of surveyed firms reporting growth in December from a month ago tally, and helped along the way by orders from overseas too.
The service sector was best-placed among the four surveyed for the PMI (Purchasing Managers Index) reading.
(The PMI score gives a measure of how businesses are performing based on details such as orders received, their expansion plans, hiring strategies, etc.)