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Financial News: Saudi Arabia Non-Oil Private Sector Grows For Second

Saudi Arabia Non-Oil Private Sector Grows For Second Month

11/03/2020 - 06:39:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector expanded for the second month in a row in October, survey results from IHS Markit showed on Tuesday.

The Purchasing Managers' Index rose to an eight-month high of 51.0 in October from 50.7 in September. Any reading above 50 indicates growth in the sector.

Output rose at the quickest pace since February and firms saw higher activity often attributed to increase in sales, new contracts and resumption of some projects.

The overall rate of demand growth softened in October and part of the slowdown was due to a renewed fall in exports as firms struggled to revive orders with foreign clients.

Business confidence declined for the first time since June, while firms hope that activity continue to rise despite the ongoing pandemic.

The number of employed fell for the eighth straight month in October and backlogs of work were reduced.

Input prices rose at the beginning of the fourth quarter and overall selling prices fell fractionally for the first time since July.

"While the latest PMI data indicated a further expansion in the Saudi Arabia non-oil private sector in October, there were reasons for fresh concern about the pace of recovery from the COVID-19 outbreak," David Owen, an economist at IHS Markit, said.

"Firms indicated that financial issues at some clients and a slow resumption of projects have curbed the economic rebound since restrictions eased," Owen said.

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