#Saudi non-oil business activity surges in February on strong demand-PMI | Reuters

Saudi non-oil business activity surges in February on strong demand-PMI | Reuters

Saudi Arabia's non-oil business sector activity soared to its highest level in eight years in February, a survey showed on Sunday, based on a strong increase in demand and an optimistic economic outlook.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index jumped to 59.8 in February, from 58.2 the previous month, the fastest rate of increase since March 2015.

A substantial rise in new orders indicated improved economic conditions for businesses. The New Orders sub-index rose to 68.7 last month - the highest reading in more than eight years - from 65.3 in January, continuing a recent trend upwards on strong demand momentum.

As a result the Output sub-index also recorded a strong increase, at 65.6 in February from 63.6 in the previous month, leading to further expansion in employment and purchasing.