Business growth in Saudi Arabia's non-oil sector accelerated to a four-month high in September as strong demand supported faster growth in new orders.
The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers' Index (PMI) rose to 56.3 points from 54.8 points in August.
The index hit its highest reading since May, further away from the 50.0 level that signifies growth.
Moody expects strong growth in the Saudi non-oil economy to continue from 2025 to 2027, supported by economic diversification programs and major projects linked to the Kingdom's Vision 2030.
Moody's expects real non-oil GDP growth to be between 5.0% and 5.5% during that period, compared to an average of 4.6% in 2022-2023 and only 1.5% between 2017-2019.
The agency also predicted that government spending will remain at high levels, ranging from 30 percent to 32 percent of GDP over the next three years, which will boost non-oil economic growth.
