Non-Oil Business Growth Hits Six-Month High in October

In October 2024, Saudi Arabia’s non-oil economy hit a six-month performance high, reflecting growing customer demand that led to increases in business activities, job creation, and purchasing activity. This improvement aligns with the Kingdom’s Vision 2030 strategy, which focuses on diversifying the economy and reducing oil dependency.

The latest Riyad Bank PMI survey, compiled by S&P Global, recorded a PMI level of 56.9 - up from 56.3 in September, and well above the 50-mark that signals growth. These PMI readings indicate consistent growth across the non-oil sectors. Economic resilience and high client demand played key roles in this expansion as Saudi continues to progress toward a robust non-oil economic sector.