- Non-oil business activity in Saudi Arabia experienced its most vigorous growth in eight years last month, according to the Riyad Bank purchasing managers' index, which increased to 59.8 in February from 58.2 in January, representing the strongest expansion since March 2015.
- The Riyad Bank Saudi Arabia PMI report indicated that a rise in PMI was due to considerable growth in demand related to the improving economy. Additionally, businesses in the country documented more rapid increases in production, hiring, and buying, and outlooks for the coming year remained robust.
Why it matters
Non-oil businesses saw a surge in employment figures, registering the second-fastest rate of growth in five years. This was mainly due to companies hiring personnel to fulfill anticipated future needs. The report also noted that the strong increase in demand during February resulted in an upsurge of inflationary pressures.
