Riyadh – Mubasher: Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) showed that the Saudi non-oil private sector recorded its highest levels in eight months to rise to 56 points in July from 54.4 points in June.
The sector witnessed a “sharp rise” in output at the beginning of the third quarter of 2016, which contributed to its growth. The rate of expansion was the quickest since September 2015, the report said.
The bank stated that solid growth of output and new business convinced companies to hire additional staff in July, which led to the fastest job creation rate since October, albeit moderate overall.
Jean-Paul Pigat, senior economist at Emirates NBD, commented saying: “July’s survey is encouraging as it suggests Saudi Arabia’s non-oil economy continues to expand at a healthy clip. Growth momentum is slower than last year, but is holding up better than many had expected in an environment of low oil prices.”
