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Financial News: Saudi Arabia Non-Oil Private Sector Growth Slows In

Saudi Arabia Non-Oil Private Sector Growth Slows In February

03/03/2021 - 02:58:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector grew at a markedly softer pace in February, survey results from IHS Markit showed on Wednesday.

The Purchasing Managers' Index fell to 53.9 in February from 57.1 in January. Any reading above 50 indicates growth in the sector.

Private sector output rose solidly in February, driven by stronger client demand, and new orders expanded at a softer rate.

Sales increased in February as the business confidence improved and effort to maintain competitive pricing strategies.

Input purchases and inventories continued to increase.

Firms expect the sentiment to improve in the next 12 months due to the rollout of vaccine.

The number of staff were reduced for the third straight month in February, as firms cut outstanding workloads. Suppliers' delivery time lengthened in some firms, while overall delivery time improved.

Cost inflation remained relatively mild and output charges increased marginally in February.

"Nevertheless, the sector remained broadly on the right track, with new business inflows and export sales continuing to rise whilst firms also built inventories in anticipation of stronger future growth," David Owen, economist at IHS Markit, said.

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