Arab News, Sunday, Feb 05, 2023 | Rajab 14, 1444
Business confidence hits 2-year high in Saudi Arabia as PMI climbs 58.2 in January
Saudi Arabia: Saudi Arabia’s
Purchasing Managers’ Index touched 58.2 in January 2023, the second-highest
since September 2021, as the Kingdom steadily diversifies its economy in line
with the goals outlined in Vision 2030, according to a report.
The latest Riyad Bank Saudi Arabia Purchasing
Managers Index report, formerly the S&P Global Saudi Arabia PMI, noted that the
confidence among non-oil private sector firms in the Kingdom climbed to a
two-year high in January.
In December, the Kingdom’s PMI stood at 56.9,
while in November, the index hit 58.5, the highest in the last 16 months.
According to the index, released by S&P Global,
readings above the 50-mark show growth, while those below 50 signal
contraction.
“Saudi Arabia is continuing its strong performance
and outperformed the global economic trends for activity and demand. The non-oil
sector is starting this year with a strong headline growth at 58.2 in January,
recording the second highest growth since September 2021,” said Naif Al-Ghaith
PhD, Chief Economist at Riyad Bank.
He added: “This growth confirms the Saudi position
as the fastest-growing economy among the Group of 20 countries despite economic
headwinds.”