Saudi Arabia’s non-oil sector has continued its growth momentum in December, according to a recent PMI (Purchasing Managers' Index) survey. The survey indicates that the kingdom’s economy remains strong despite global challenges, supported by rising business activity in key industries outside of oil. The non-oil sector's performance was bolstered by new orders, which have increased steadily. The survey revealed that businesses in sectors such as construction, manufacturing, and services are seeing positive demand. This growth underscores the success of Saudi Arabia’s diversification efforts, which aim to reduce reliance on oil revenues.
The PMI survey showed that companies are benefiting from improvements in domestic demand and increased investment. As a result, Saudi firms have ramped up production and service delivery, helping to maintain the economy’s resilience. Additionally, employment levels in non-oil sectors have remained stable, providing further confidence in the kingdom's economic stability.
A key takeaway from the survey is the strong growth in the services sector, particularly in hospitality and retail. These industries have seen higher business volumes, driven by strong consumer demand and expanding tourism. This indicates the effectiveness of the country’s Vision 2030 reforms, which have encouraged a more diverse and dynamic economy.Despite the ongoing challenges posed by global economic conditions, Saudi Arabia’s non-oil economy remains on track to meet its growth targets. The kingdom has made significant strides in its economic diversification efforts, focusing on sectors such as tourism, entertainment, and technology to sustain long-term prosperity.
The survey also highlighted the improved outlook for 2024, with businesses feeling optimistic about the year ahead. Many companies expect to continue benefiting from government policies aimed at supporting economic growth and creating a business-friendly environment. In conclusion, Saudi Arabia’s non-oil sector has shown remarkable resilience, with growth sustained throughout December. The positive PMI survey results reflect the country’s successful diversification strategy and a promising outlook for its economy in the coming year.
