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

Saudi Arabia Non-Oil Private Sector Growth Slows

11/03/2021 - 08:38:00 (RTTNews)

(RTTNews) - Saudi Arabia's non-oil private sector growth eased in October, survey results from IHS Markit showed on Wednesday.

The Purchasing Managers' Index fell to 57.7 in October from 58.6 in September.

This was the second highest since the beginning of the COVID-19 pandemic. Any reading above 50 indicates growth in the sector.

New export work rose in October and output increased. Backlogs of work decreased, though the rate of decline eased to the softest since April.

Purchasing activity rose at the quickest rate in three months and new orders increased.

Delivery time reduced to the fastest since June and employment increased in October.

Input cost rose in October with the rate of inflation quickening to the highest in eleven months and output price increased.

Business expectations for the coming 12 months decreased in October, but remained strong compared to 2021 average with the hopes of recovery in activity and sales as the economy emerges from COVID-19 restrictions.

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