And rose Riyad Bank Purchasing Managers’ Index in Saudi Arabia The seasonally adjusted rate rose to 56.9 points in October, the strongest level in six months, from 56.3 points in September. The index remained significantly higher than the 50-point level, which indicates growth in activity.
The new orders sub-index rose to 62.5 points in October from 59.3 the previous month, the highest reading since March, thanks in part to higher demand from customers, new marketing strategies and greater infrastructure development.
Nayef Al-Ghaith, chief economist at the Bank, said: Riyadh “The significant increase in new orders this month… confirms the success of Vision 2030’s strategic focus on innovation and infrastructure development.”
The production sub-index rose to 60.2 points in October from 59.7 in the previous month.
Saudi Arabia’s strategy depends on investing hundreds of billions of dollars in infrastructure and local reforms to develop new sectors, diversify sources of income, expand the private sector, and provide job opportunities.
And he said Minister of Finance Muhammad Al-Jadaan Recently human resources and implementation have been a challenge on some goals, but non-oil GDP now represents about 52 percent of the economy.
The rate of new job creation in October remained generally modest.
