DUBAI, Jan 3 Reuters Nonoil business activity in Saudi Arabia grew solidly in December, a survey showed on Wednesday, with new orders rising at the fastest pace in six months.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers39; Index stood at 57.5 in December, the same as November39;s reading, ending the year well above the 50 mark signalling growth.
The output sub index with a reading of 61.0 also remained broadly at similar solid levels in December as in the previous month, while new orders surged with the sub index advancing to 68.3, up from 66.3 in November and the highest reading since June on improving demand.
The strongest rise was in the manufacturing sector.
This growth was supported by a sharp rise in business activity and exports, highlighting the resilience and strength of the nonoil economy, Naif AlGhaith, Riyad Bank39;s chief economist, said.
However, while firms continued to add jobs in December, the pace of growth in employment slowed further last month from November and was sharply lower than October39;s nineyear high.
Joblessness among Saudi citizens rose to 8.6 in the third quarter, latest government data showed, from 8.3 in the second quarter, but still lower than the 9.9 recorded in the same period a year earlier.
The kingdom is investing heavily to diversify away from hydrocarbons, expand the private sector and create jobs for Saudis; nonoil growth is expected to significantly outpace overall growth in 2023 as lower oil…