Saudi Arabia tops G20 in non-oil private sector PMI for January

Saudi Arabia tops G20 in non-oil private sector PMI for January

The Kingdom of Saudi Arabia topped the G20 countries in the performance of the Purchasing Managers' Index (PMI) for the non-oil private sector in January, recording headline growth at 58.2 points, marking consecutive growth since September 2020.

The score illustrates the strength and resilience of the kingdom's economy amid instability in the international markets, reported SPA.

The index revealed stronger commercial activity and a rise in demand for goods and services in the non-oil private sector, amid expectations within the sector that strong growth would continue despite global geopolitical developments, climate change, and increasing global uncertainty, it stated.

The index's rise coincided with robust private sector output, which had kept pace with strong domestic demand for goods and services, driven by improvements in the most key sub-indices: Output, New Orders, New Export Orders, Stocks of Purchases, and Increased Client Orders.

The rise in the Kingdom's PMI demonstrates growing confidence and optimism among investors and business owners, leading to a more positive outlook for the future, stated the report.

The most remarkable points recorded in the index include reduced input cost pressures, reflecting the success of policies to contain the global inflationary wave in many sectors of the kingdom, as well as continued improvements in supply