Growth in Saudi Arabia's non-oil business activity accelerated in January, having hit a three-month low the previous month, a survey showed on Sunday, supported by an increase in new orders and output.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index increased to 58.2 in January, from 56.9 in the previous month and well above the 50 mark separating growth from contraction.
Earlier this week, the kingdom's statistics agency released flash estimates of GDP growth in the fourth quarter of 2022, during which the non-oil activities sector grew 6.2%, outperforming broader economic growth of 5.4% in the quarter. "This growth confirms the Saudi position as the fastest-growing economy among the Group of 20 countries despite economic headwinds," said Naif Al-Ghaith, Chief Economist at Riyad Bank.
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