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Financial News: Saudi Arabia Non-Oil Private Sector Growth Improves In

Saudi Arabia Non-Oil Private Sector Growth Improves In October

11/02/2022 - 02:34:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector activity logged an accelerated expansion in October, driven by strong demand and rising new work inflows, survey results from S&P Global showed on Wednesday.

The Purchasing Managers' Index rose to 57.2 in October from 56.6 in September. A reading above 50 indicates expansion in the sector.

Further, the reading was also the second-highest in a year.

As a result of improving market conditions, new work increased sharply, while on-going projects also supported increased production.

Looking ahead, firms expect operating conditions to remain robust over the next twelve months, as the outlook index climbed to its highest level since January 2021 amid hopes of higher sales and sustained economic growth.

As a result, firms raised their purchasing activity sharply in October. Employment increased as well, which helped reduce backlogs of work.

On the price front, input price inflation eased to an 8-month low in October, while output charges rose only marginally.

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