US Markets
Business Operating Revenue in Saudi Arabia Rises 6% in June
Saudi Arabia's operating revenues index rose 6.1% annually in June, following an 11.4% gain in May, bolstered by higher economic activities across several key business sectors, preliminary data from the General Authority for Statistics showed.The increase was mainly driven by a 16.9% increase in both manufacturing and financial and insurance activities, while the transportation and storage sector logged an 18.4% growth, according to the agency's latest short-term business indicators statistics published Thursday. Activities in wholesale and retail trade and repair of motor vehicles and motorcycles, alongside those in construction and information and communication, also contributed positively.Month over month, the index was down 3.2% in June, largely dented by a 27.3% fall in activities in the mining and quarrying sector. The reading was also impacted by declines in information and communication activities, accommodation and food service activities, other service activities, and arts, entertainment and recreation activities.Meanwhile, issued building permits in the kingdom surged 20.3% year over year in June, after a 33.3% drop in the previous month, totaling 5,045 permits. On a monthly basis, the agency said the number of building permits issued slipped 0.2%.In terms of compensation, the country's employees compensation index jumped 9.1% on a yearly basis in June, compared with the 9.8% rise in the prior month, buoyed by activity growth in the manufacturing and construction sectors. The latest data also showed increases in wholesale and retail trade and repair of motor vehicles and motorcycle activities, mining and quarrying activities, and financial and insurance activities over the period.On a monthly basis, the growth for employee compensation came in at 1.6%, after a 0.1% uptick in May.
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