By Innovation-sa on July 11, 2018 in News
The Emirates NBD/IHS Markit Purchasing Managers Index (PMI), a measure of non-oil business conditions, escalated to 55 in June from 53.2 in May, indicating the highest level of growth in Saudi Arabia’s non-oil sector in 2018.
“Overall, the June PMI data supports our view that the non-oil sector is recovering after a slow start to the year,” explained Khatija Haque, head of MENA Research at Emirates NBD.
Saudi economy is slightly recovering from the economic slowdown in 2017 and non-oil business conditions have benefitted from increased government spending, as well as recovery in oil prices. Export orders also increased for the first time since January, though the increase is relatively slight compared to historic standards. Increased output and new work contributed to the overall improvement in growth, the survey found.
The Kingdom’s quantity of purchases index also rose to 56 from 53 in May, indicating a rise in purchasing activity. However, businesses in Saudi Arabia remain vigilant, with the future output index declining sharply to 56.8 in June.
Arab News – 3 July 2018