Saudi Arabia’s non-oil sector growth highest since September 2021 as PMI hits 58.5
According to a report, Saudi Arabia's Purchasing Managers' Index hit 58.5 in November, the highest level since September 2021, as the Kingdom's non-oil private sector expands despite mounting inflationary pressures.
According to the most recent Riyad Bank Saudi Arabia PMI survey, the Kingdom's non-oil private sector has grown for the 27th consecutive month.
Saudi Arabia's PMI was 57.2 in October, up from 56.6 in September.
S&P Global's index shows that numbers above 50 indicate expansion, while levels below 50 indicate contraction.
“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,” said Naif Al-Ghaith, chief economist at Riyad Bank.
According to Al-Ghaith, outp...