By Innovation-sa on December 14, 2017 in News

Saudi Arabia’s non-oil private sector depicted a sharp growth according to data published by Emirates NBD Saudi Arabia PMI. An upswing in both output and new orders in the Kingdom is promising a positive growth in the non-oil sector. Moreover, there has been an increase in selling price due to rise in cost pressures.

The survey is sponsored by Emirates NBD and produced by IHS market. It is based on data collected from business surveys conducted in Saudi private sector every month.

The sharp growth in output is attributed to increased demand for local goods and services in the Saudi market. Anecdotal evidence also suggested a steep growth in incoming new businesses and new export orders recently.

New business growth index displayed a 27-month high creating a positive vibe in the non-oil sector.

The month of November also witnessed new job opportunities being created in the non-oil private sector. The latest increase extended the current sequence of job creation to 44 months.

New export order growth reached a three-month high in November due to economic upturn in the neighboring countries.

Forecasting further improvement in economic conditions and stronger demand, companies in the non-oil private sector are increasing pre-production stocks at the second-fastest pace in the survey history.

Business confidence and optimism towards future growth prospects improved as a result of active marketing campaigns, business investments and upward economic growth.

Khatija Haque, Head of MENA Research at Emirates NBD, said that the report suggests a solid growth in Saudi Arabia’s non-oil sector.