Saudi Arabia’s non-oil industry preserves development | MENAFN.COM

Monday, 17 January 2022 10:17 GMT

Saudi Arabia’s non-oil industry preserves development

(MENAFN) Powerful demand and average cost weights are leading enterprises performance to grow in Saudi Arabia, proved a new IHS Market report, showing a “strong growth momentum” for the nation’s non-oil industry.

The new Purchasing Managers’ Index (PMI) report said market performance increased “at one of the fastest rates since the start of the COVID-19 pandemic.”

This comes in spite of the index declining from 57.7 in October to 56.9 in November, which the report continues to note was “in line with the average recorded over the 12-year series.”

David Owen, an economist at the IHS Markit stated, “Despite slipping to a three-month low, new business growth was rapid overall, whilst activity expanded at one of the quickest rates since the start of the pandemic.”


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