Saudi Arabia Non-Oil Private Sector Growth Remains Robust

(RTTNews) - Saudi Arabia's non-oil private sector continued to expand strongly in December, boosted by an acceleration in sales growth, survey results from S&P Global showed on Wednesday.

The Riyad Bank Purchasing Managers' Index came in at 57.5 in December, the same as in November. A reading above 50 indicates expansion in the sector.

Moreover, the index remained above the 50-mark for over three years.

New orders supported rapid activity, as companies experienced their fastest sales growth since June, the survey said.

Firms were more confident about pricing due to the increased demand momentum, which also encouraged a further notable uptick in purchasing activities.

Meanwhile, the non-oil private sector's job growth rate eased after reaching a nine-year high in October.

On the price front, input price inflation remained sharp in December despite easing from November due to increased material prices. Selling prices rose for the second straight month.

Non-oil companies continued to signal upbeat expectations for the next 12 months amid hopes for 2024, which largely arose from predictions that new business inflows would continue to grow strongly.