Non-oil business activity in Saudi Arabia grew solidly in December with new orders rising at the fastest pace in six months, and the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 57.5 in December ending 2023 well above the 50 mark signaling economic growth, Reuters reports.
The data show a Saudi economy that is in a strong position entering 2024.
According to Reuters, “the output sub index with a reading of 61.0 also remained broadly at similar solid levels in December as in the previous month, while new orders surged with the sub index advancing to 68.3, up from 66.3 in November and the highest reading since June on improving demand.”
According to the report, the strongest rise was in the manufacturing sector.
“This growth was supported by a sharp rise in business activity and exports, highlighting the resilience and strength of the non-oil economy,” Naif Al-Ghaith, Riyad Bank’s chief economist, said.
The data also found that joblessness among Saudi citizens rose to 8.6% in the third quarter, up from 8.3% in the second quarter, but still lower than the 9.9% recorded in the same period a year earlier.
