Saudi Arabia’s Private Sector Grows in Q3 2023
The Ministry of Economy and Planning’s composite index for business cycles in the Saudi private sector (MEPX) indicated continuous balanced growth in Q3 2023.
Company activities and consumer-related indicators remained stable during this period.
MEPX Index: Reflecting Sector’s Resilience
The MEPX index remained steady in Q3 2023, despite global economic uncertainties. This underscores the private sector’s flexibility in Saudi Arabia.
Recent expansion in the sector is now stabilizing. A periodic rebalancing is anticipated.
Consumer-related indices, including sales and cash withdrawals, show rebalancing in Q3 2023, compared to the latest period of growth.
Business-related indicators in the private sector remained relatively stable during this period.
The Purchasing Managers Index is consistently above its average value, indicating ongoing confidence.
Local financial sector indicators decline due to tighter monetary policies. This reflects global economic trends impacting the sector.
Empowering Private Sector
The Ministry of Human Resources and Social Development (MHRSD) has taken a significant leap forward in empowering private sector employees with the launch of the ‘Service Certificate’.
This initiative marks a transformative moment, reinforcing MHRSD’s commitment to enhancing workplace dynamics and employee rights.
Understanding MHRSD Service Certificate
At its core, the MHRSD Service Certificate aims to provide a comprehensive and official record of an employee’s tenure, roles, and accomplishments while working in the sector.
This certificate serves as a tangible acknowledgment of an individual’s professional journey, offering a transparent overview that benefits both employees and employers.
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