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03-11-22
KSA’s PMI reaches 57.2 driven by robust non-oil field expansion
(MENAFN) Saudi Arabia’s Purchasing Managers’ Index reached 57.2 last month, the robust since the beginning of last year, as the nation’s non-oil economy carries on to grow motivated by high request and increasing additional work inflows, as said by a report.
The seasonally accustomed Riyad Bank Saudi Arabia Purchasing Managers’ Index — previously the S&P Global Saudi Arabia PMI — has indicated the nation as sustaining expansion for the 26th consecutive month.
Two months ago, Saudi Arabia’s PMI stood at 56.6.
As shown by S&P Global, readings higher than 50-mark expansion, whereas those under 50 indicate decline.
“Saudi Arabian non-oil businesses signalled a strong degree of confidence in future economic conditions in October. The outlook for the next 12 months rose to its highest level since the beginning of 2021, as firms suggested that the current robust level of growth is likely to continue,” according to Naif Al-Ghaith, head economist at Riyad Bank.
He also mentioned: “At the same time, business activity and new orders rose sharply again, with firms seeing client demand strengthen at a robust rate.”
MENAFN03112022000045014228ID1105123927
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