DUBAI (HRNW) – Saudi Arabia s non-oil private sector notched a 14th month of consecutive growth in October as output expanded at the fastest rate since December 2017, signalling the sector s continued strengthening, a survey showed on Wednesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers Index (PMI) fell to 57.7 in October from 58.6 in September but remained well above the 50.0 mark that separates growth from contraction.
It was also above the series average of 56.9 and with the exception of the September reading was the fastest pace of growth since November 2019. The output sub-index rose to 62.1 in October from 61.2 in November.
“October PMI data showed the non-oil sector recovering at a rapid pace. Growth in output was the strongest seen for nearly four years, driven by a marked rise in client demand as the lifting of COVID-19 restrictions continued to boost economic activity,” said David Owen, economist at survey compiler IHS Markit.
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