Saudi Arabia's non-oil private sector notched a 14th month of consecutive growth in October as output expanded at the fastest rate since December 2017, signaling the sector's continued strengthening, a survey showed on Wednesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) fell to 57.7 in October from 58.6 in September but remained well above the 50.0 mark that separates growth from contraction.
"October PMI data showed the non-oil sector recovering at a rapid pace. Growth in output was the strongest seen for nearly four years, driven by a marked rise in client demand as the lifting of COVID-19 restrictions continued to boost economic activity," said David Owen, economist at survey compiler IHS Markit.
Non-oil private firms in Saudi Arabia continued to have a positive outlook for future business, with hopes pinned on expectations of further improvement in demand. The sentiment was the second highest of the year but slightly weaker than in September.
