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Saudi private sector growth accelerates moderately in July

Saudi private sector growth accelerates moderately in July

RIYADH: Growth in Saudi Arabia’s non-oil private sector accelerated moderately in July, although the expansion in employment slowed, a corporate survey showed on Thursday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 55.7 last month from 54.3 in June. A level above 50 means business is expanding.

“Faster growth in output and new orders helped the headline PMI in Saudi Arabia rise in July, signalling the fastest rate of non-oil sector expansion in three months,” said Khatija Haque, head of regional research at Emirates NBD. “Firms were more optimistic last month, and this likely contributed to increased buying activity and inventory accumulation.” Output growth accelerated to 62.6 from 59.8, while growth in new orders climbed to 58.9 from 56.1. Employment growth slowed slightly, however, to 51.2.