KSA’s non-oil industry expansion peak in over 1 year as PMI ...| MENAFN.COM

Thursday, 09 February 2023 02:53 GMT

KSA’s non-oil industry expansion peak in over 1 year as PMI reaches 58.5


(MENAFN) Saudi Arabia’s Purchasing Managers’ Index reached 58.5 last month— the peakiest rate since September last year — as the nation’s non-oil private sector carries on its growth following surging inflationary pressure, as shown in a report.

The most recent Riyad Bank Saudi Arabia PMI report pointed out that the nation has sustained expansion in the non-oil private industry for the 27th month in a row.

In October, Saudi Arabia’s PMI stood at 57.2, whereas a month prior, it stood at 56.6.

As shown by the index, issued by S&P Global, readings higher than the 50 mark indicate expansion, whereas those under 50 indicate decline.

“The Saudi economy (continued) its expansion in the non-oil sector in November, business conditions have improved across the board in light of rising demand,” according to Naif Al-Ghaith, head economist at Riyad Bank.

He continued: “Improved business expectations were also observed as a result of the ongoing execution of Vision 2030 initiatives, which provided confidence to the outlook of the future output of the non-oil activities.”

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