RIYADH: Saudi Arabia’s Business Confidence Index rose to 56.6 in June from 55.6 in May, marking a third consecutive monthly gain as confidence improved across the non-oil economy.
The June reading, released by the General Authority for Statistics, remained well above the neutral 50-point mark, indicating continued optimism among businesses following a sharp dip to 52.1 in March. The index recovered to 54.5 in April before climbing further in May and June.
The uptick comes despite lingering uncertainty after the US-Iran conflict disrupted supply chains and industrial activity in parts of the Middle East.
The improvement in business confidence aligns with broader indicators of private-sector activity. A report by S&P Global revealed that the Kingdom’s Purchasing Managers’ Index rose to 53.3 in June from 52.8 in May, driven by stronger domestic demand and new orders.
“The increase (in BCI) reflects prevailing optimism in the business sector, supported by establishments’ confidence in the stability of economic activity and continued growth across various sectors,” said GASTAT.
