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  • 06-01-21

    Saudi Arabian non-oil economy to recover this year

    (MENAFN)A new flow in recent orders has destined business conditions in the Kingdom’s non-oil sectors increased to the highest levels in more than a year.

    The worth for December was 57, up from 54.7 in November and the highest level since November 2019, as showed the latest monthly IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI). Any number more than 50 declares overall development in the sector.

    David Owen, an economist at IHS Markit stated that, “The Saudi Arabian non-oil economy is well on the path to recovery.”

    He further said that, “According to respondents, business activity has been helped by falling COVID-19 case numbers in the fourth quarter of 2020, despite other major economies suffering a second wave. The rollout of a vaccine meanwhile led to increased optimism that demand will strengthen over the coming year.”

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