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Saudi non-oil private sector’s growth hits 11-month high in August

Saudi non-oil private sector’s growth hits 11-month high in August

ArabFinance: The non-oil private sector of the Kingdom of Saudi Arabia grew at the highest rate in 11 months in August on the back of the increase in demand, Reuters reported on September 5th, citing data collected in S&P Global Saudi Arabia Purchasing Managers’ (PMI) survey.

The seasonally adjusted S&P Global Saudi Arabia Purchasing Managers' Index (PMI) for the whole economy rose to 57.7 in August from 56.3 in July, which is well above the 50 average which differentiates between expansion and contraction.

New export orders boosted orders which inched up in August, compared to the previous month.

The business activity output sub-index increased to 61.5 in August from 59.9 in July.

Moreover, the growth pace of costs of inputs decelerated for the second month in a row in August.

The sub-index of employment achieved its fifth consecutive monthly growth in August. However, it edged lower in comparison with July’s figures.

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