The Saudi non-oil economy grew last August to its highest level in 10 months; The reversal of demand conditions led to an improvement in new business and commercial activity.
According to the latest data released by the Purchasing Managers' Index (PMI) from Global S&P, the recovery led to a particularly sharp rise in purchases at the fastest rate in 7 years. In addition to the increase in inventory volume and job creation, while cost inflationary pressures eased for the second month in a row, which led to the lowest rise in production prices since February of this year.
According to the index, non-oil production in Saudi Arabia continued to grow at a noticeable rate in the middle of the third quarter of the current year, and the pace of growth accelerated from the previous month. Evidence from the companies participating in the study indicates that production increased mainly due to higher inflows of new business, which in turn was supported by improved demand conditions.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
