Business activity in Saudi Arabia continues to improve in November
Business activity in the non-oil private sector of Saudi Arabia, the Arab world’s largest economy, continued to improve in November, boosted by the easing of Covid-19 restrictions and a rise in tourism activity.
Although the kingdom's seasonally adjusted purchasing managers' index – a gauge designed to give a snapshot of operating conditions in the non-oil private sector economy – slipped to 56.9 in November, from 57.7 in October, the reading remained well above the neutral 50 level and in line with the average recorded over the 12-year series.
A reading above 50 indicates expansion while a reading below points to a contraction.
The kingdom's PMI "continued to signal a strong end to the year for the non-oil economy”, said IHS Markit economist David Owen.
“Despite slipping to a three-month low, new business growth was rapid overall, while activity expanded at one of the quickest rates since the start of the pandemic.”
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