Growth in Saudi Arabia’s non-oil private sector improved further at the beginning of 2017, rising to the highest level in 17 months in January.
The latest upturn is mainly attributed to a “sharp” rise in output and new business, amid data of improved client demand across foreign markets, according to a survey sponsored by Emirates NBD and produced by IHS Markit.
“Firms also appear to be more optimistic about the coming 12 months,” according to Khatija Haque, head of MENA Research at Emirates NBD.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 56.7 at the start of 2017 from 55.5 in December.
“Output expanded at the strongest rate in 17 months”, the survey highlighted, adding that “volumes of incoming new business rose at the sharpest pace in 14 months in January”.
