New orders lift Saudi non-oil business activity growth to 4-month high-PMI | Reuters
Growth in non-oil business activity in Saudi Arabia accelerated for a second consecutive month in October, a survey showed on Sunday, with new orders supporting an overall expansion in activity which led to a sharp rise in employment levels.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 58.4 in October from 57.2 in September - far above the 50 mark denoting growth and the highest reading since June.
New business expanded faster with the new orders subindex surging to 66.1 in October, also a four-month high, from 64.2 the previous month.
The growth in output and new business was spread across most sectors, including manufacturing and construction, the survey showed. Growth in output remained high although the subindex eased to 60.1, weaker than the long run trend.
"The surge in new orders signifies an expanding market and suggests that the non-oil sector is experiencing sustained growth and demand for its products," said Naif Al-Ghaith, chief economist at Riyad Bank.
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