Business confidence in top Arab economies jumps in May on strong economic momentum 2023

The levels of confidence among businesspeople in Saudi Arabia and the United Arab Emirates continue to exceed what has traditionally been considered to be the standard for the region. Both of these nations have the most prosperous economies in the Arab world.

This article’s header, if you will The Riyad Bank Saudi Arabia Purchasing Managers’ Index reached 58.5, which is a little bit lower than the 59.6 that was recorded in April, but is still quite a bit higher than the neutral line of 50, which divides economic growth from economic contraction.

The rate of increase in selling prices in Saudi Arabia was the fastest it has been since August of 2020, while confidence in the UAE improved further in response to robust demand.

Since August of 2020, the selling prices across the kingdom have climbed at the quickest speed, which is symptomatic of the great economic momentum that has been building up in the kingdom.

The seasonally adjusted level of the S&P Global UAE Purchasing Managers’ Index was 55.5 in May, which is lower than the level of 56.6 that was recorded in April of this year. In April, the level of the index was 56.6.

As a consequence of this, the degree of optimism that is held by company owners reached its highest position since October 2021, which was much higher than the long-running average of 54.2 for the economy.