A survey on Tuesday, December 5, showed a decline in the growth of non-oil activities in Saudi Arabia in November compared to the previous month due to a decline in demand for exports and inflationary pressures, but the outlook is positive with new orders rising to the highest level in five months.
The kingdom's Riyad Bank Purchasing Managers' Index, seasonally adjusted and issued by Standard & Poor's Global, slowed to 57.5 in November, from 58.4 in October, but remained well above the 50 level, indicating growth.
The increase in sales volume led to a rise in production, whose sub-index rose to 61.2 in November from 60.1 in October.
The sub-index for new orders advanced to 66.3 in November, the fastest rate since June, thanks to improving market conditions and increased investment. But it remained largely driven by domestic demand, with new export orders contracting at the largest pace since March 2021.
