Saudi Arabia’s Non-Oil Trade Activity Shows Robust Growth in April

Saudi Arabia’s non-oil trade activity experienced robust growth in April, driven by sustained domestic demand and proactive market responses. The Riyad Bank Purchasing Managers’ Index (PMI) remained steady at 57 points, indicating continued expansion in economic activity.

Despite a slight dip in the production sub-index, the wholesale and retail sectors emerged as frontrunners in terms of production growth. Chief economist Nayef Al-Ghaith expressed optimism about Saudi Arabia’s non-oil GDP, foreseeing a potential surpassing of the 4.5 percent growth mark for the year.

The increase in new orders and inventory, along with a rise in export orders from the manufacturing sector, highlighted the country’s resilience and competitiveness on the international front. The overall trend points towards a buoyant economy, supported by robust domestic demand and proactive market responses.

The sustained growth in non-oil trade activity signals optimism about Saudi Arabia’s economic outlook, despite some moderation in certain indicators. The data suggests a positive trajectory for the country’s economic resilience and prospects in the coming months.