KSA continues to maintain ongoing expansion in its non-oil e...| MENAFN.COM

Tuesday, 06 December 2022 09:01 GMT

KSA continues to maintain ongoing expansion in its non-oil economy


(MENAFN) The newest statistics from S&P Global shows that Saudi Arabia is still maintaining steady growth in its non-oil economy as output and new orders registered increases as well as leaving the Kingdom's Purchasing Managers' Index at 56.6 in September.

Saudi Arabia maintained growth for the 25th consecutive month, despite a decline from August's 57.7, as the country makes steady strides toward its goal of diversifying its economy in accordance with Vision 2030. Values above 50 indicate expansion, while readings below 50 indicate recession, according to S&P Global.

According to the S&P Global statistics, which also showed that cost pressures were usually maintained constant, job growth continued although at a somewhat slower rate.

An economist from S&P Global Market Intelligence, David Owen, claimed: “Albeit down on August, 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.”

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