Strong growth of the non-oil private sector in Saudi Arabia in October

A poll today showed Wednesday that the private sector is not oil in Saudi Arabia expanded at a faster pace in October thanks to strong demand and rising new job flows.

Riyad Bank’s seasonally adjusted Saudi Arabia Purchasing Managers Index for the entire economy – formerly known as the S&P Global Saudi Purchasing Managers Index – rose to 57.2 in October from 56.6 to September, surpassing the media of the series from 2009 of 56.8.

“Non-oil Saudi companies indicated a strong degree of confidence in economic conditions future in October and expectations for the next 12 months have risen to the highest level since the beginning of 2021 with companies expecting the current strong level of growth from It is likely to continue, “Reuters reported.

“At the same time, commercial activity and total new orders have again increased significantly and companies have seen improved customer demand,” added Al Ghaith.

More than a third of respondents indicated that new orders increased from the previous September survey, helped by easing price pressures and rising input costs at the slowest pace since February, leading to a modest increase in sales commissions.

The manufacturing sub-index climbed to 61.3 in October from 59.5 in September, while the employment sub-index fell to 50.2 from 50.5, but grew for the seventh consecutive month.

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