RIYADH: According to the most recent business survey, business activity in Saudi Arabia’s non-oil private sector grew at its quickest rate since July 2023, and the industry concluded November with strong momentum. Supported by faster growth in new orders, purchasing activity, and staff recruitment, the Riyad Bank Saudi Arabia Purchasing Managers’ Index increased for the fourth consecutive month, from 56.9 in October to 59.0 in November.
All five components contributed to the significant improvement in operational conditions shown in the headline PMI, which is a weighted average of sub-indices covering new orders, production, employment, supplier delivery times, and stock levels.
“The robust expansion of Saudi Arabia’s non-oil private sector contributed to the PMI’s November reading of 59.0, indicating the ongoing effectiveness of economic diversification initiatives,” stated Naif Al-Ghaith, chief economist at Riyad Bank.
“This strong growth, characterized by faster output and demand, shows the growing ability of non-oil sectors to contribute to economic activity independently of oil price fluctuations,” he continued. Businesses attributed the surge to increased demand, bigger client volumes, and effective marketing initiatives. Business activity increased at its fastest rate in 16 months. Following a slight decline during the prior survey period, new order inflows—including overseas sales—rebounded.
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