Saudi Arabia Non-Oil Private Sector Grows For Third Month

(RTTNews) - Saudi Arabia's non-oil private sector expanded for the third straight month in November amid a rise in sales, survey results from IHS Markit showed on Thursday.

The Purchasing Managers' Index rose to 54.7 in November from 51.0 in October. Any reading above 50 indicates growth in the sector. This was the strongest increase in business conditions since January, the survey said.

Output rose at the fastest rate in ten months in November and new work increased. New export orders increased with rise in both domestic and foreign sales.

Business confidence for the next 12-months rose to the highest seen in ten months.

Purchasing activity increased sharply in November. Employment rose for the first time since January, despite a further modest decline in outstanding work.

Suppliers' delivery time lengthened in November.

The rate of input price inflation was the sharpest seen in five years and output charges increased. The overall rate of inflation was the second-fastest since October 2014.

"However, most of the key series remain off their trend hinting at a continued gap between the economy's current conditions and its pre-COVID momentum," David Owen, an economist at IHS Markit, said.