Growth in Saudi Arabia's non-oil business activity slowed to a three-month low in December, a survey showed on Tuesday, although higher sales and strong demand ensured firms remained confident about the outlook for the coming year.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 56.9 in December from 58.5 in November. It was the lowest reading since September but was still well above the 50 mark separating growth from contraction.
However, the output subindex softened to 61 from November's 64.6 while the pace of growth in new orders also slowed. "We see operating conditions remaining favourable in December, characterised by rapid growth in the non-oil activities and a robust labour market by the end of 2022, with both jobs and wages having far more momentum than previously thought," said Naif Al-Ghaith, chief economist at Riyad Bank.
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