Mubasher: Saudi Arabian non-oil sector’s growth stabilised during the third quarter of 2019, according to a report conducted by IHS Markit for Emirates NBD.
The kingdom’s headline Purchasing Managers Index (PMI) increased to 57.3 in September, while the average PMI for Q3-19 stood at 57.0, compared to a reading of 57.2 a quarter earlier. The output and new work indices remained above 60.0
“This supports our view that it is domestic demand, underpinned by government spending, that is driving growth in the kingdom’s non-oil sectors. However, the growth in output and new work has not translated into significantly faster job growth in Saudi Arabia,” the report said.
As per IHS Markit’s data, Saudi employment index reached 18-month high in September, recording 51.5.
Saudi Arabia’s non-oil sector GDP increased by 2.9% year-on-year during the second quarter of 2019, its fastest pace in 15 quarters, according to a report released by Al-Rajhi Capital.
Last month, Saudi Arabia’s General Investment Authority (SAGIA) and the Saudi Commission for Tourism and National Heritage (SCTH) have witnessed the signing of memoranda of understanding and agreements with regional and international investors with a total value of SAR 100 billion ($27 billion).
