RIYADH: Saudi Arabia’s business activity expanded at the fastest pace for three months in May, with the Riyad Bank Purchasing Managers’ Index rising to 52.8 from the previous reading of 51.5.
The latest survey, compiled by S&P Global, showed the Kingdom’s non-oil economy returning to firmer growth after softer conditions in March and April, with output supported by stronger domestic demand and the revival of previously delayed projects.
In March, the Kingdom’s PMI dropped below 50 after Iran’s retaliatory strikes across the Gulf triggered the most severe business disruption in the region since the COVID-19 pandemic. The attacks led to widespread airport closures, suspended port operations, and sharp volatility in financial markets.
Naif Al-Ghaith, chief economist at Riyad Bank, said the rating signaled renewed momentum in business activity after the softer conditions observed during March and April.
He added: “The reading remained comfortably above the neutral 50 threshold, confirming that non-oil economic conditions expanded and that the recent slowdown was temporary rather than structural.”
