KSA’s non-oil industry remains to grow on robust production,...| MENAFN.COM

Tuesday, 06 December 2022 12:35 GMT

KSA’s non-oil industry remains to grow on robust production, additional orders

(MENAFN) Business activity in the non-oil private area economy of Saudi Arabia remained to develop last month as production as well as additional orders surged massively on strong request, in spite of inflation worries as well as worldwide macroeconomic struggles.

The nation’s seasonally adjusted S&P Global purchasing managers’ index estimate reached 56.6 last month, although declining from 57.7 from the month before (August), the headline PMI understanding indicated an advancement in the health of the nation’s non-oil private area economy for the 25th consecutive month.

An estimate higher than the neutral rate of 50 signals expansion whereas one under it points to a decline.

David Owen, an investor at S&P Global Market Intelligence stated that “Saudi Arabia's non-oil private sector economy retained an impressive pace of growth during September, especially against the backdrop of increasingly challenging global economic conditions.”

Adding that “Both output and new orders rose at rates above their averages for their current 25-month growth sequences.”


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