Saudi Arabia non-oil business activity grows robustly in March

DUBAI – Strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday.

The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in March, slightly lower than 57.2 in February, but well above the 50.0 mark denoting expansion in activity. "The strong performance witnessed across various sectors, coupled with the notable increase in order books and new customers, signifies a resilient market poised for growth," said Naif Al-Ghaith, chief economist at Riyad Bank.The new orders sub-index jumped to 64.0 in March from 62.2 in February, the second consecutive month of acceleration. Foreign sales also improved for the second month in a row but the pace of growth was modest.

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