Riyadh – Mubasher: Saudi Arabia’s non-oil private sector registered a slight growth in May, after hitting an all-time low in the month before, according to a recent survey sponsored by Emirates NBD.
The survey, which is produced by IHS Markit, also showed an improvement in business conditions in the world's largest oil producer.
At the level of prices, it highlighted that input price inflation softened, while output charges jumped for the first time since January 2018.
“While the May PMI posted the highest reading this year, the index is still low by historical standards and reflects a slower rate of growth in the non-oil private sector than last year,” Head of MENA Research at Emirates NBD Khatija Haque said.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index (PMI) increased to 53.2 points in May, up from 51.4 points in April.
“Output growth at non-oil private sector companies accelerated in May. The pace of expansion was robust overall, albeit below the long-run average,” the report added.
Job opportunities in the GCC nation’s non-oil private sector posted a six-month low last month, the report further noted.
“The rate of employment growth was slight overall and below the historical trend. That said, the vast majority of panel respondents reported no change in payroll numbers,” the survey highlighted.
