Bouncing back from the plight of the pandemic, non-oil private sector in Saudi Arabia has seen an expansion for 3 consecutive months in November. The country’s Purchasing Managers' Index (PMI) saw a growth from 51.0 in October to 54.7 in November.
David Owen, Economist at IHS Markit, said the 3-month growth suggests Saudi Arabia’s recovery in the penultimate month of the year. He stated with an increased employment and a rise in demand as good news of vaccine develops, companies increased their investment, expecting an advancement in economy in the year to come.
The stricken country, which faced a sharp drop in oil prices in 2020, will focus on developing its private sector to progress the economy.