Operating conditions in non-oil private sector for Saudi Arabian showed a robust improvement at the end of the first quarter, with output reaching a six-month high, according to the latest PMI survey data.
The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 57.0, indicating expansion in activity despite a slight dip from February’s 57.2.
Output rose to 62.2 in March, the highest since September, driven by new orders, especially in manufacturing.
Riyad Bank’s chief economist, Naif Al-Ghaith, noted the strong performance across sectors, with increased order books and new customers signaling market growth.
“…, the latest Saudi PMI data underscores a robust and dynamic non-oil economy, driven by a surge in demand and heightened business activity. 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.” Al-Ghaith stated.
Purchasing activities and hiring also accelerated, reflecting a positive market outlook. New orders rose to 64.0 in March, with foreign sales improving modestly for the second consecutive month.
Government investment is supporting non-oil sectors like tourism, construction, and manufacturing as part of Vision 2030.
The 12-month business outlook improved in March, particularly in construction, wholesale, and retail sectors, according to the survey.
