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Financial News: Saudi Arabia's Non-Oil Private Sector Growth Robust In

Saudi Arabia's Non-Oil Private Sector Growth Robust In October

11/06/2017 - 00:39:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector maintained strong growth momentum in October, survey data from IHS Markit showed Monday.

The headline Emirates NBD Purchasing Managers' Index, or PMI, edged up to 55.6 in October from 55.5 in September. Any reading above 50 indicates expansion in the sector.

Sharp growth of both output and new orders contributed to latest improvement in operating conditions.

On the price front, input price inflation accelerated slightly in October, led by a rise in raw material costs. Meanwhile, staff cost inflation eased and was muted in the context of historical data.

"Encouragingly, firms were much more optimistic in October than they were in September, which bodes well for growth in the final quarter of this year," Khatija Haque, Head of MENA Research at Emirates NBD, said.

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