Riyadh – Mubasher: Headline Purchasing Managers' Indexes (PMI) in Saudi Arabia surged to a 51-month high in November, despite softer output growth, according to a report by IHS Markit.
The seasonally adjusted headline PMI recorded 58.3 points in November, up from 57.8 in October. Its highest level in more than four years.
Faster new order growth helped non-oil private sector gain momentum last month.
Moreover, inflows of new business rose at the sharpest pace since April 2015, while job creation across non-oil private sector remained lacklustre.
“November's PMI data for Saudi Arabia revealed a stronger improvement in underlying economic conditions and, when coupled with the recent improvements in growth momentum, point to a faster rate of non-oil GDP expansion for the fourth quarter of 2019,” Amritpal Virdee, Economist at IHS Markit, said.
“Business margins were provided with some relief from a slower rise in input costs. Furthermore, output charges increased during November, reversing October's slight fall. Overall, the private sector economy is well-placed as we look forward to 2020,” the analyst added.
