Saudi Arabia's non-oil private sector economy continues its strong momentum into the last quarter of 2024, as indicated by the Riyad Bank Saudi Arabia Composite Purchasing Managers' Index (PMI). The latest data released for October shows the index has climbed to 56.9, up from September's 56.3. This increase, recorded in official data released on November 5, 2024, reflects sustained growth in this pivotal sector.
The PMI, which serves as a critical gauge of the overall economic health of the non-oil private sector, indicates the fastest pace of expansion observed in recent months. A reading above 50 signifies expansion, and at 56.9, the index shows not only growth but a robust improvement from the previous month's figures.
The positive growth trajectory in this sector bodes well for Saudi Arabia's vision of economic diversification and reflects resilience amidst global economic uncertainties. Stakeholders and investors in the region are optimistic about the continued upward movements in the coming months, boosted by government initiatives and private sector dynamism.
