Saudi non-oil PMI reaches highest level since 2015 in Feb
Saudi Arabia's non-oil PMI rose to 59.8 points in February, its highest level since 2015, from 58.2 in January, according to the latest monthly chartbook from Jadwa Investment.
The kingdom recorded a current account surplus of 13.6% of GDP in Q4 2022, with tourism earnings contributing strongly, but the surplus was almost fully offset by outflows on the financial account.
The Saudi economy recorded growth of 8.7% in full year 2022, matching Jadwa's forecasts. Looking out into 2023, the Kingdom's economy is expected to grow by 2.8%, as flat oil production is offset by firm non-oil activity, the report said.
Consumer spending in February rose by 10.5% YoY but declined by 7% MoM, with POS transactions increasing by 15% and cash withdrawals edging up by 0.2%.
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