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Saudi Arabia’s non-oil economy accelerated in October, with the Purchasing Managers’ Index climbing to 60.2, its second-highest level in more than a decade, signalling strong business growth momentum, reports Arab News.
The latest survey by Riyad Bank and S&P Global showed a sharp improvement in operating conditions across the kingdom’s private sector, underpinned by solid demand, rising employment, and robust output growth.
The October reading, up from 57.8 in September, highlights the sustained momentum of the non-oil economy as Vision 2030 reforms continue to drive diversification away from crude revenues.
Output and employment also expanded sharply during the month, with job creation rising at the fastest pace in nearly 16 years.
October data indicated a sharp rise in input costs for non-oil firms, driven mainly by wage increases from salary revisions and bonuses.
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