New orders lift Saudi non-oil business activity growth to 4-month high-PMI
© Reuters. A Muslim pilgrim shops in Mecca, Saudi Arabia July 5, 2022. REUTERS/Mohammed Salem/File Photo
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 58.4 in October from 57.2 in September - far above the 50 mark denoting growth and the highest reading since June. The growth in output and new business was spread across most sectors, including manufacturing and construction, the survey showed. Growth in output remained high although the subindex eased to 60.1, weaker than the long run trend.
"The employment expansion is a promising sign for the Saudi economy, as it suggests a growing demand for labour and a potential improvement in the job market," he added.Creating jobs for citizens in an expanded private sector is a priority for the government as it implements a wide-reaching economic diversification plan known as Vision 2030 spearheaded by Crown Prince Mohammed bin Salman.
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