Riyadh – Mubasher: Output growth in the Saudi Arabian non-oil economy accelerated in November, supported by a steep rise in sales and strengthening business confidence as the impact of the coronavirus pandemic continued to ease, according to a survey.
The headline seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) picked up sharply from 51.0 in October to 54.7 in November, signalling the strongest improvement in business conditions since January.
Input purchasing rose, while employment returned to growth for the first time since January, albeit only fractionally, and input cost inflation quickened.
Economist at IHS Markit, David Owen, said, "A third successive rise in the Saudi Arabia PMI pointed to an economy getting back on its feet in November. Supported by output and new business growth reaching ten-month highs, the data suggests a strong end to the year for the non-oil private sector."
"However, most of the key series remain off their trend level, hinting at a continued gap between the economy's current conditions and its pre-COVID momentum,” added Owen.
