Riyad Bank Saudi Arabia’s PMI stood at 58.5 in November 2025, easing from October’s 11-year high of 60.2 but still pointing to a strong improvement in non-oil private sector conditions. Activity accelerated to its fastest pace since January as firms reported solid sales flows and steady project work. New business continued to rise sharply, though growth cooled slightly from October’s surge and export gains were modest. Hiring remained firm after last month’s near-record increase, with companies expanding capacity to handle rising workloads and a continued build-up of backlogs. Cost pressures softened, with operating expenses rising at the slowest in eight months as purchasing costs became less burdensome, though wages stayed historically elevated. Output charges increased for a sixth month but at a slower rate. Business optimism strengthened to a five-month high, driven by healthy demand pipelines, ongoing investment activity, and confidence in the Kingdom’s non-oil expansion momentum.
