Saudi Arabi’s PMI hits 57.2 fueled by strong non-oil sector growth: S&P

Saudi Arabi’s PMI hits 57.2 fueled by strong non-oil sector growth: S&P

RIYADH: According to an analysis, Saudi Arabia’s purchasing managers’ index sat at the mark of 57.2 in October, which is the highest since January 2021 since the Kingdom’s non-oil economy is growing due to increasing demand and new workflows.

Adjusted for the season, Riyad Bank Saudi Arabia Purchasing Managers’ Index – earlier known as the S&P Global Saudi Arabia PMI -is a measure of the Kingdom’s growth as steady for the 26th month in a row.

As per the study, improved markets and projects in progress have paved the way for increased output and orders for new order sales and activities in October 2022.
The suppliers’ delivery times began to decrease at the beginning of the 4th quarter, assisting businesses in increasing their inventories and purchasing activities and assisting in gaining employment.

In addition, Saudi Arabia’s growing demand from markets outside the country boosted sales growth last month, and its latest export order growth was the highest increase in just one year.

The report further stated that the increase in output occurred in the construction, manufacturing, wholesale, retail and services industries and the most substantial upturn was reported among goods producers.

The firms reported a minor significant rise in the cost of their inputs over the past eight months, and only 4 per cent of the participants recorded more expenses than the prior month.

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