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Financial News: Saudi Arabia Non-Oil Private Sector Growth At 6-Month

Saudi Arabia Non-Oil Private Sector Growth At 6-Month Low

06/05/2017 - 06:15:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector activity expanded strongly in May, though the rate of growth was the weakest in six months, survey figures from Emirates NBD and IHS Markit showed Monday.

The headline Emirates NBD Purchasing Managers' Index, or PMI, dropped to 55.3 in May from 56.5 in April. However, any reading above 50 indicates expansion in the sector.

The robust growth in May was supported by sharp expansions in output and new orders. Nonetheless, in both instances rates of increase eased.

Companies raised their workforce numbers further in May, extending the current period of employment growth to 38 months.

On the price front, input price inflation slowed to a survey-record low in May. As a result, selling prices were lowered marginally.

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