KSA, 6 January, 2025 : Saudi Arabia’s non-oil private sector continued to expand in December, driven by strong domestic and export demand, according to the Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI). The PMI dipped slightly to 58.4 from November’s 17-month high of 59.0 but remained well above the 50.0 threshold indicating growth.
New orders surged for the fifth consecutive month, with the subindex rising to 65.5 in December from 63.4 in November, marking the fastest growth in 2024. Chief Economist Naif Al-Ghaith attributed the performance to successful reforms under Vision 2030.
Input prices climbed sharply due to high material demand, though easing wage inflation helped offset some cost pressures. Business expectations reached a nine-month high, with firms optimistic about growth prospects in 2025.
Saudi Arabia's non-oil GDP is forecasted to grow over 4% in both 2024 and 2025, supported by improved business conditions and strategic government spending on Vision 2030 projects. The Kingdom also celebrated its selection as the host of the 2034 FIFA World Cup.
Source : www.zawya.com
