3.5% growth in the non-oil sector this year


Jadwa Investment Company expected the Saudi economy to grow by 1.8% during the current year 2021, pointing out that the total output of the oil sector decreased slightly, on an annual basis, by 0.7%, compared to the growth of the non-oil sector by 3.5%. According to Jadwa, the non-oil PMI declined again in August, on a monthly basis, as a result of slowing production and new orders.

Nevertheless, the index remained in growth territory, at more than 50 points, and consumer spending rose in August, and the annual rise of 31.5% in POS transactions was more than enough to offset the 2.6% decline in cash withdrawals from ATMs.

The industrial sector witnessed the approval of investments worth 4 billion riyals in August to establish new factories and employ 7.6 thousand new workers, of whom about 3,000 are Saudis, while the net change in government accounts with “SAMA” decreased by 13.5 billion riyals in August, while In it, SAMA’s foreign assets rose by about $13.3 billion on a monthly basis, recording the largest monthly increase since March 2019, bringing the total to nearly $455 billion. Details of the reserve indicate that most of the monthly rise came from an increase in “special drawing rights.”

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