Saudi businesses closed 2023 at a 6-month high in new orders: Riyad Bank

Saudi businesses closed 2023 at a 6-month high in new orders: Riyad Bank

“Growth was supported by a sharp rise in business activity and exports, highlighting the resilience and strength of the non-oil economy,” said Naif Al-Ghaith, Chief Economist at Riyad Bank. “The export sector experienced the fastest increase since July, driven by government initiatives and the emergence of new market opportunities.”

The PMI score – which marks business sentiment and how they are doing on capital expenditure, hiring, etc. – was at 57.5 for December, helped by the strides made by business activity in the Saudi manufacturing sector.

Saudi businesses closed 2023 at a 6-month high in new orders: Riyad Bank