The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index eased to 58.7 in March, firmly over the 50 mark which separates growth from contraction, but down from 59.8 in February, the highest reading in almost eight years.
"Business conditions remain strongly positive at the end of the first quarter of 2023 as improving market conditions and increased development spending helped to boost demand in the non-oil private sector," said Naif Al-Ghaith, Riyad Bank's chief economist.