Saudi PMI rises for third time; non-oil private sector activity expands fastest in 10 months: IHS Markit

Purchasing Managers’ Index (PMI) in Saudi Arabia rose to 54.7 in November compared to 51.0 in October, according to IHS Markit.

The firm said in a statement that the gauge came above the neutral level (50.0 points) three months in a row, reflecting continued recovery in the wake of the economic downturn due to the COVID-19 pandemic.

The November PMI data indicated an accelerated growth in the Kingdom’s non-oil private sector activity, driven by an increase in sales, while business confidence strengthened due to encouraging vaccine news and sharper demand growth.

Non-oil private sector activity expanded at the fastest rate in 10 months in November, as companies highlighted the improvement in market conditions, a sharp increase in new business, and growth in domestic and foreign sales, which recorded rise in new export orders for second time since February.