Saudi Arabia Non-oil Private Sector Growth Quickens In October

(RTTNews) - Saudi Arabia's non-oil private sector logged its second-highest expansion in eleven years in October amid a substantial rise in new orders and employment, survey results from S&P Global showed on Tuesday.

The Riyad Bank Purchasing Managers' Index rose to 60.2 in October from 57.8 in September. A reading above 50 indicates expansion in the sector.

Among components, output level increased sharply, driven by the stronger inflow of new business. Consequently, the pace of job creation quickened in October, marking the sharpest increase in almost 16 years.

In line with higher workloads and to strengthen inventories, companies raised their purchasing activity, thereby raising input stocks at the fastest rate in seven months.

On the price front, input price inflation remained high in October amid higher wage and raw material costs. As a result, selling prices rose at the sharpest pace since May 2023.