Strong demand helped drive non-oil business activity in Saudi Arabia in March, Reuters reports, with output accelerating to a six-month high.
The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 57.0 in March, slightly lower than 57.2 in February, but well above the 50.0 mark denoting expansion in activity.
The output sub-index rose to 62.2 in March from 61.5 the previous month, its strongest since September last year, supported by new orders particularly in the manufacturing sector, the survey showed on Wednesday.
“The strong performance witnessed across various sectors, coupled with the notable increase in order books and new customers, signifies a resilient market poised for growth,” said Naif Al-Ghaith, chief economist at Riyad Bank.
“The positive momentum also prompted accelerated purchasing activities and additional hiring, underscoring a buoyant market outlook,” he added.
