Financial News: Saudi Arabia Non-Oil Private Sector Growth Strongest Over

Saudi Arabia Non-Oil Private Sector Growth Strongest Over A Decade

02/04/2025 - 03:38:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector expanded at the quickest pace in over a decade in January, led by a substantial increase in new orders, survey results from S&P Global showed on Tuesday.

The Riyad Bank Purchasing Managers' Index rose to 60.5 in January from 58.4 in December. A reading above 50 indicates expansion in the sector.

New orders grew at the sharpest pace in just over 13-and-a-half years as accommodative economic conditions supported a strong boost to customer orders, whilst some firms benefitted from new infrastructure projects.

Rising foreign demand was also a major factor for the jump in new orders, and the growth in new export orders was the strongest in 18 months.

Favorable demand conditions helped the non-oil sector to raise activity levels, employment, and input purchases in January.

On the price front, input price inflation rose to the second-fastest in almost four-and-a-half years. Elevated cost pressures were attributed to higher material costs in response to stronger demand and geopolitical tensions. This led firms to increase their output prices at the quickest pace in a year.

"The outlook for the non-oil economy remains highly optimistic, with businesses expecting sustained demand growth and supportive market conditions throughout 2025," Naif Al-Ghaith PhD, Chief Economist at Riyad Bank, said.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Iceland Central Bank Cuts Rates For Third Time (03 hr(s), 39 min(s), 35 sec(s) ago)
(RTTNews) - The Central Bank of Iceland lowered the key interest rate for a third policy session i ...Full Story»

U.S. Crude Oil Inventories Surge Much More Than Expected (04 hr(s), 17 min(s), 35 sec(s) ago)
(RTTNews) - The Energy Information Administration released a report on Wednesday showing U.S. crud ...Full Story»

U.S. Services Index Unexpectedly Indicates Modestly Slower Growth In January (04 hr(s), 34 min(s), 35 sec(s) ago)
(RTTNews) - Service sector growth in the U.S. unexpectedly slowed modestly in the month of January ...Full Story»

U.S. Trade Deficit Spikes To Over Two-Year High In December (05 hr(s), 04 min(s), 35 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Wednesday showed the U.S. trade defici ...Full Story»

Brazil Services Activity Contracts In January (05 hr(s), 30 min(s), 35 sec(s) ago)
(RTTNews) - Brazil's service sector deteriorated for the first time in sixteen months amid a r ...Full Story»

Treasury Reveals Details Of Long-Term Securities Auctions (05 hr(s), 42 min(s), 35 sec(s) ago)
(RTTNews) - The Treasury Department on Wednesday announced the details of this month's auction ...Full Story»

U.S. Private Sector Job Growth Exceeds Estimates In January (05 hr(s), 53 min(s), 35 sec(s) ago)
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment ...Full Story»

U.S. Trade Deficit Widens Significant In December As Imports Jump, Exports Plunge (06 hr(s), 19 min(s), 35 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Wednesday showed the U.S. trade defici ...Full Story»