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

Saudi Arabia Non-Oil Private Sector Growth Slows In November

12/06/2021 - 06:40:00 (RTTNews)

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

The Purchasing Managers' Index fell to 56.9 in November from 57.7 in October. Any reading above 50 indicates growth in the sector.

New orders declined for the second straight month in November and new business volumes were the strongest since the initial COVID-19 lockdown.

New export orders rose to the greatest extent since May as the foreign demand strengthened. Backlogs of work reduced in November and the number of staff rose at the quickest since June.

Input cost inflation and output charges increased in November.

The outlook for the coming 12 months weakened to the lowest in three months in November.

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