Saudi non-oil private sector picks up pace in August – PMI

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Muslim pilgrims shop in Mecca, Saudi Arabia, July 5, 2022. REUTERS/Mohammed Salem

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Dubai, September 5, 2010 (FBC) Saudi Arabia’s non-oil private sector expanded in August as business activity increased at the fastest pace since October last year, a survey showed.

The seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) rose to 57.7 in August from 56.3 in July, well above the 2009 average of 56.8. Readings above 50.0 indicate increased activity.

“Saudi Arabia’s PMI pointed to further resilience in the non-oil economy in August, as business activity and sales rose sharply despite reports of growing global economic distress,” wrote David Owen, S&P Global Market Intelligence survey compiling economist.

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“Total new orders have increased at the fastest pace since October last year, driven by improving consumer demand, exports and a broad recovery in economic conditions since the outbreak.

A sharp increase in new export orders fueled the rise in new orders, although they picked up a slightly softer pace from July’s eight-month high.

The output sub-index, which measures business activity, rose to 61.5 in July from 59.9 in August, matching the sequential average of 61.4.

Increases in input costs slowed for the second month in a row, roughly in line with the series average.

The employment sub-index rose for the fifth consecutive month, although at a slightly and fractionally slower pace than in July.

The futures output sub-index, which measures expectations for activity in the next 12 months, fell three months but remained positive.

“The level of positivity fell for the second straight month, but was still one of the highest seen in the past year and a half. Firms that expressed a positive outlook for the next 12 months were mostly based on an increase in new order flow. Some noted that future projects and quality improvements could support activity,” the report said. He explained.

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Youssef Sabha Report; Editing by Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

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