Saudi non-oil PMI rises to 55.3, highest since February
- Saudi Arabia's non-oil private sector experienced its strongest improvement in business conditions since February, with the Riyad Bank Purchasing Managers' Index rising to 55.3 in September.
- New orders increased at their fastest pace since February, driven by improving market conditions, higher client numbers, and stronger spending.
- The non-oil economy continued to expand despite regional tensions disrupting shipping and weighing on business sentiment.
- Firms responded to stronger demand by expanding operational capacity, increasing hiring, and boosting input purchases to a seven-month high.
- Cost pressures remained elevated due to sharp increases in material and transport prices, leading to a substantial rise in selling charges, the second-fastest in over six years.
- Despite positive indicators, greater geopolitical uncertainty contributed to slower activity growth and declining confidence in future output, with foreign orders falling for the seventh consecutive month.
