The latest Riyad Bank Purchasing Managers’ Index report from S&P Global says that the Kingdom’s PMI was 56.3 in January, which is a little lower than the 57.4 it was in December. The most recent PMI data shows that Saudi Arabia’s Vision 2030 strategy is working. The goal of this strategy is to make the country less dependent on oil by speeding up the expansion of tourism, manufacturing, logistics, and financial services.
Naif Al-Ghaith, the chief economist of Riyad Bank, said, “The non-oil private sector in Saudi Arabia kept growing at the start of 2026, thanks to strong domestic demand and steady business activity. He added, “Survey evidence shows that output and sales are still strong, thanks to new projects being approved, steady customer enquiries, and more active investors, even though growth momentum has slowed.
Earlier this month, the General Authority for Statistics released a report that said Saudi Arabia’s real gross domestic product grew by 4.5 percent from 2020 to 2025, thanks to substantial development in both oil and non-oil activity.
GASTAT also said that activities other than oil in the Kingdom grew by 4.9% in 2025 compared to the year before. The PMI report indicates that business conditions in Saudi Arabia’s non-oil private sector improved in January, driven by rising demand for goods and services, higher employment, and increased spending.
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