The non-oil private sector in Saudi Arabia grew at the fastest pace in seven years last November, supported by a strong increase in new orders and continued confidence in the growth outlook.
The PMI rose to 58.5 points in November from 57.2 points in October, marking the highest reading since September 2021, with a significant difference from the 50-point level that separates growth from contraction.
New order growth accelerated to a 14-month high, prompting increased purchases on the back of improving economic conditions and increasing demand and investment. The production sub-index, which measures business activity, rose to 64.6 points in November from 61.3 points in the previous month, while the new orders sub-index rose to 65.7 points from 62.9 points in October.
The survey showed that the manufacturing, construction, wholesale and retail sales and services sectors recorded significant growth. Besides the strong domestic performance, new exports also recorded the fastest increase since November 2015. November saw a more moderate rise in employment compared to previous survey data, and increased global inflationary pressures led to higher costs and a faster increase in excise duties.
Source (Al-Arabiya.net Website, Edited)
