Saudi Arabia’s non-oil economy is growing: S&P

Riyadh, Saudi Arabia – The latest data from S&P Global shows that Saudi Arabia is  maintaining steady growth in its non-oil economy as output and new orders recorded increases, leaving the Kingdom’s Purchasing Managers’ Index (PMI) at 56.6 in September. 

Although PMI in August was  57.7, the kingdom has maintained steady growth for the 25th consecutive month. 

Readings above 50 indicate expansion, while readings below 50 indicate contraction, according to S&P Global. The data also shows that the factory activity continued to rise, resulting in new staff recruitment.

S&P report also revealed job creation at a slower pace with cost pressures remaining generally stable.

The firms remain confident of production growth in 2023 even though sentiment recorded its lowest since May.