World Economy

Saudi PMI Slumps

Saudi PMI SlumpsSaudi PMI Slumps

Growth in Saudi Arabia’s non-oil private sector slowed in June, a survey of businesses showed on Sunday, reaching its lowest level since the survey was launched in August 2009, Reuters reported. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index dropped to 56.1 points last month from 57 in May. The index remained well above the 50-point mark which separates growth from contraction. “While the PMI data suggest that growth in the non-oil sector has slowed markedly in the second quarter of 2015, it is important to note that these sectors are still growing at a robust rate,” said Khatija Haque, head of regional research at Emirates NBD.