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

Saudi Arabia Non-Oil Private Sector Growth Eases In July

08/03/2021 - 07:29:00 (RTTNews)

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

The Purchasing Managers' Index fell to 55.8 in July from 56.4 in June. Any reading above 50 indicates growth in the sector.

Output and new order growth increased at a softer pace in July.

Employment level decreased in July and backlogs of work declined.

Business expectation dropped to its joint-weakest since June last year.

"Sustained rises in demand should help the economy move closer to full capacity over the second half of the year," David Owen, economist at IHS Markit, said.

On the price font, average output prices rose to the fastest since November last year and input prices increased further.

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