Friday, 22 September 2023 07:24 GMT

Saudi Arabia’s PMI reaches 58.2 in January highest since September 2021

(MENAFN) Saudi Arabia’s Purchasing Managers’ Index reached 58.2 last month, the peakiest since September two years ago, as the nation progressively expands its economy along with the aims underlined in Vision 2030, in line with a report.

The most recent Riyad Bank Saudi Arabia Purchasing Managers Index report, previously the S&P Global Saudi Arabia PMI, pointed out that the confidence between non-oil private industry companies in the nation jumped to a two-year peak last month.

In December, the nation’s PMI reached amount of 56.9, whereas in November, the index reached 58.5, the peakiest in the last 16 months.

In line with the index, issued by S&P Global, readings over the 50-mark indicate expansion, whereas those under 50 indicate decline.

“Saudi Arabia is continuing its strong performance and outperformed the global economic trends for activity and demand. The non-oil sector is starting this year with a strong headline growth at 58.2 in January, recording the second highest growth since September 2021,” according to Naif Al-Ghaith, head economist at Riyad Bank.

He also mentioned “This growth confirms the Saudi position as the fastest-growing economy among the Group of 20 countries despite economic headwinds.”


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