The non-oil private sector in the Kingdom of Saudi Arabia grew at the fastest pace in seven years last November.
According to Arabia Net, the growth was supported by a strong increase in new orders and continued confidence in the growth outlook.
The Riyad Bank Purchasing Managers' Index, adjusted in light of seasonal factors, rose to 58.5 points in November from 57.2 points in October, marking the highest reading since September 2021, with a significant rise from the 50-point level that separates growth from contraction.
New order growth accelerated to a 14-month high, prompting increased purchases on the back of improving economic conditions and increasing demand and investment.
The production sub-index, which measures business activity, rose to 64.6 points in November from 61.3 points in the previous month, while the new orders sub-index rose to 65.7 points from 62.9 points in October.
The survey showed that the manufacturing, construction, wholesale and retail sales and services sectors recorded significant growth.
Besides the strong domestic performance, new exports also recorded the fastest increase since November 2015.
The chief economist at Riyad Bank, Nayef Al-Ghaith, said that the non-oil sector in the Saudi economy continued to grow in November, and business conditions generally improved in light of the increasing demand.
He added that there is also an improvement in companies' expectations as a result of the continuous implementation of Vision 2030 initiatives, which provided confidence in expectations for future production of the non-oil sector.
November witnessed a more moderate rise in employment compared to data from previous surveys, and increased global inflationary pressures led to higher costs and a faster increase in excise duties.
