Confidence among businesses in Saudi Arabia’s non-oil sector rose to a two-year high in January, as firms reported strong new order growth and started to see improvements in supply chains and softening inflation.
New order growth rose compared to December and was the second highest level in the past 16 months, according to a survey of purchasing managers compiled by S&P Global. Foreign demand also increased rapidly and to a greater degree than at the end of 2022.
The Riyad Bank Saudi PMI rose to 58.2 from 56.9 in December, well above the 50-mark separating growth from contraction. Last month’s figure was the second-highest recorded since September 2021 after November’s more than seven-year high.
It’s the latest sign that last year’s economic boom is continuing even as oil prices fall from recent highs. Overall growth was an estimated 8.7% last year, Saudi official projections showed, making it the fastest growing major economy.
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