Strong demand fueled growth in Saudi Arabia's non-oil business sector in December, according to a survey, although the pace slowed slightly from the previous month. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) fell to 58.4 in December from 59.0 in November, remaining above the 50.0 growth threshold. New orders continued to rise, driven by domestic demand and export growth. Cost pressures remained a concern, but business expectations for continued growth in 2025 improved.
- Strong demand drove growth in Saudi Arabia 's non-oil business sector in December, albeit at a slightly slower pace than the previous month, a survey showed on Sunday.
New orders continued to rise, marking the fifth consecutive month of acceleration, driven by strong domestic demand and a boost in exports. The subindex surged to 65.5 in December from 63.4 the previous month, and the pace of growth was the fastest recorded in 2024. Cost pressures remained a concern, with input prices rising sharply due to strong demand for materials. However, wage inflation eased, helping to mitigate overall cost burdens.
The non-oil GDP is expected to grow by more than 4% in 2024 and 2025, driven by substantial improvements in business conditions, Al-Ghaith added.
Saudi Arabia Non-Oil Business Economic Growth PMI Vision 2030
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