Arab News | Saudi Arabia’s Operating Revenues Index rises 4.9% in July: GASTAT

RIYADH: Saudi Arabia’s Operating Revenues Index rose 4.9 percent in July from a year earlier, with manufacturing and financial services among the biggest contributors to growth, according to preliminary government data. 

The index increased 1.2 percent from June, the General Authority for Statistics said in its monthly Short-Term Business Indicators report. Manufacturing revenues climbed 13.5 percent from a year earlier, while financial and insurance activities rose 9 percent.  

Information and communication increased 6.5 percent, while wholesale and retail trade and repair of motor vehicles and motorcycles activities grew 0.8 percent. Construction activities increased 1.6 percent, while financial and insurance activities and information and communication rose 9.0 percent and 6.5 percent, respectively. 

The latest data come as Saudi Arabia’s non-oil private sector continues to expand. The Riyad Bank Purchasing Managers’ Index, compiled by S&P Global, rose to 53.8 in August from 53.1 in July, marking a six-month high, while non-oil private-sector growth reached its fastest pace in six months. 

In its latest report, GASTAT said: “On a monthly basis, the Operating Revenues Index increased by 1.2 percent, supported by increases of 0.8 percent in manufacturing activities, 6.4 percent in mining and quarrying activities, 0.1 percent in construction activities, and increases of 3.7 percent and 0.6 percent in information and communication activities and accommodation and food service activities, respectively.” 

Employees Compensation Index 

Saudi Arabia’s Employees Compensation Index rose 7.4 percent year-on-year in July, supported by increases of 10.3 percent in manufacturing, 4.6 percent in construction, 6.2 percent in wholesale and retail trade and repair of motor vehicles and motorcycles, and 6.4 percent in financial and insurance activities. 

On a monthly basis, Saudi Arabia’s ECI increased by 0.3 percent in July. 

“This monthly gain was supported by increases of 0.3 percent in mining and quarrying activities, 0.1 percent in financial and insurance activities, 0.8 percent in transportation and storage activities, and increases of 1.8 percent and 2.6 percent in information and communication activities and human health and social work activities, respectively,” said GASTAT. 

Building permits 

The number of issued building permits rose 4.4 percent year-on-year to 5,828 in July, from 5,582 a year earlier, according to GASTAT. Compared with June, the number increased 15.5 percent, from 5,045 permits.  

GASTAT said its Short-Term Business Statistics product measures the short-term performance of various economic activities through monthly indicators covering establishments operating in the business sector.