Saudi Arabia’s non-oil private sector recorded strong growth in August, with the Purchasing Managers’ Index (PMI) climbing to 56.4 compared to 55.1 in July, signaling an acceleration in economic activity outside the oil sector.
The uptick reflects robust domestic demand and expansion across key industries, including services, construction, and manufacturing, alongside improvements in employment and higher volumes of new orders.
Businesses surveyed indicated that rising consumer confidence and increased spending have been key drivers of growth.
This positive trend aligns with the Kingdom’s Vision 2030 strategy, which emphasizes diversifying the economy and expanding non-oil contributions to GDP.
Analysts note that any PMI reading above 50 indicates economic expansion, underscoring the non-oil sector’s steady progress toward sustainable growth.
Looking ahead, experts expect the non-oil economy to maintain its momentum, supported by large-scale projects, both government and private investments, as well as ongoing reforms that continue to improve the business environment and strengthen the Kingdom’s position as a leading regional investment hub.
