New business helps rebound in Saudi non-oil activity in Sept -PMI | Reuters
Growth in non-oil business activity in Saudi Arabia accelerated in September from an 11-month low the previous month as higher sales supported overall output, a survey showed on Tuesday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 57.2 in September from 56.6 in August - which was the lowest since September 2022, far above the 50 mark denoting growth and back above its long-run average of 56.9.
Overall output rebounded from a 19-month low in August with the sub-index accelerating to 62.8 from 59.1 the previous month as new business expanded rapidly.
The sub-index for new orders jumped four points to 64.2, although the pace of expansion remained slower than the average so far this year.
"The non-oil economy continues its growth despite the challenges arising from the current monetary policy conditions," Naif Al-Ghaith, Riyad Bank's chief economist said.
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