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Saudi Arabia saw the strongest increase in employment in almost five years even as business conditions in its non-oil economy improved at a slightly slower pace at the end of last year following a surge.
Companies sought to add to their staffing capacity in response to an increase in sales and higher demand, according to a survey of purchasing managers compiled by S&P Global and published on Tuesday.
The Riyad Bank Saudi PMI stood at 56.9 in December, well above the 50-mark separating growth from contraction. The gauge reached 58.5 in November, the highest reading in more than seven years.
“We see operating conditions remaining favorable in December, characterized by rapid growth in the non-oil activities and a robust labor market by the end of 2022, with both jobs and wages having far more momentum than previously thought,” said Naif Al-Ghaith, chief economist at Riyad Bank.
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