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Saudi non-oil sector contracts in April

Saudi non-oil sector contracts in April

ArabFinance: Saudi Arabia’s non-oil activity recorded its lowest level in three months on the back of a surge in prices of goods and raw materials, Bloomberg Asharq reported on May 9th, citing a report by S&P Global.

The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI), an indicator of the performance of the non-oil private sector, inched down to 55.7 points in April from 56.8 points in March, signalling the lowest level since January.

New orders hit a three-month low in April as sales declined due to inflation. However, employment in the private sector grew, recording its highest level since June 2021.

The improvement in employment was attributed by most respondent companies to efforts exerted to maintain a production surplus that reduced the backlog at a rapid level, which contributed to an increase in the cost of labor.

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