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

Saudi Arabia Non-Oil Private Sector Growth Fastest In Three Months

05/04/2021 - 07:19:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector grew at the fastest pace in three months in April, survey results from IHS Markit showed on Tuesday.

The Purchasing Managers' Index rose to 55.2 in April from 53.3 in March. Any reading above 50 indicates growth in the sector.

New orders increased sharply in April. Input purchases increased, with the rate of expansion quickening to the highest in three months.

Employment rose for the first time in five months in April and backlogs of works decreased.

Input cost rose at a quicker rate in April and output charges increased.

The 12-month outlook weakened in April from the peak seen in December last year.

"Current concerns among businesses included a possible further wave of COVID-19 that could exacerbate issues with foreign travel," David Owen, an economist at IHS Markit, said.

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