Saudi Arabia's non-oil business sector grew in November at its fastest pace in 16 months. The PMI rose to 59.0 from 56.9 in October, marking the fourth consecutive monthly rise for the main index, which remained well above the 50.0 mark, the boundary between growth and contraction.
The new orders index rose to 63.4 points in November, compared to 62.5 in the previous month, supported by an expansion in the customer base and increased investment spending. This strong expansion, marked by accelerated production and demand, reflects the growing ability of non-oil sectors to contribute to economic activity independently of oil price fluctuations. The production sub-index rose to 63.8 in November from 60.2 in October. The data also showed that companies increased hiring at a faster rate in November compared to the previous month.
Source (Al-Arabiya.net Website, Edited)
