Saudi Arabia's non-oil business activity expanded at the fastest rate in seven years in November, supported by a sharp rise in new orders and continued confidence in the growth outlook, a survey showed on Monday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 58.5 in November, from 57.2 in October, the highest reading since September 2021, and remained well above 50, which separates growth from contraction.
The output sub-index rose to 64.6 in November from 61.3 the previous month while the new orders sub-index accelerated to 65.7 from 62.9 in October. The manufacturing, construction, wholesale & retail and services sectors all recorded strong growth, the survey said. "The Saudi economy is continuing its expansion in the non-oil sector in November, business conditions have improved across the board in light of rising demand," said Naif Al-Ghaith, chief economist at Riyad Bank.
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