Saudi non-oil sector business surges to ‘highest levels in a year’

JEDDAH: A recent surge in new orders has meant business conditions in the Kingdom’s non-oil sectors have risen to the highest levels in more than a year.

According to the latest monthly IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI), the rating for December was 57, up from 54.7 in November, and the highest level since November 2019. Any figure greater than 50 indicates overall improvement in the sector.

“The Saudi Arabian non-oil economy is well on the path to recovery,” said David Owen, an economist at IHS Markit.