RIYADH: According to an economy tracker, Saudi Arabia’s non-oil company activity improved in October, as evidenced by the Kingdom’s purchasing managers’ index reaching a six-month high of 56.9. This number above the Kingdom’s September rating of 56.3 and its August level of 54.8, according to the Riyad Bank Saudi Arabia PMI survey, which was put together by S&P Global. According to the research, this gain was fuelled by a more notable surge in sales, which in turn encouraged additional growth in employment, company activity, purchasing activity, and stock prices.
S&P Global pointed out that PMI numbers above 50 suggest expansion, while those below 50 denote contraction. As the Kingdom gradually diversifies its economy by lowering its decades-long reliance on crude earnings, one of the most important objectives set forth in Saudi Arabia’s Vision 2030 is strengthening the non-oil private sector. The Kingdom’s non-oil activities grew by 4.2 percent in the third quarter of this year compared to the same period in 2023, according to a report published by GASTAT in October, confirming the Kingdom’s economic diversification success.
With the PMI increasing from 56.3 to 56.9 in October 2024, the non-oil private sector in Saudi Arabia continued its upward trajectory, underscoring the country’s strong economic health. According to Naif Al-Ghaith, chief economist at Riyad Bank, “this growth is part of a steady expansion trend since September 2020, driven by increasing demand and aligning with the goals of Vision 2030.”
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