World Economy

Saudi PMI Down

Saudi PMI DownSaudi PMI Down

Saudi Arabian non-oil private sector growth continued in September, although the rate of improvement in business conditions was much reduced compared to previous years, bi-me reported. The main reason for this was slower growth of new business–the latest rise was among the least marked ever recorded by the survey. The rate of hiring also eased, although output rose sharply again. Prices data suggested that sector conditions were tightening. Both charges and purchase costs decreased amid intense competition, the latter falling for the first time in the series history. The survey, sponsored by Emirates National Bank of Dubai and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the Saudi private sector. Commenting on the Emirates NBD Saudi Arabia PMITM, Khatija Haque, Head of MENA Research at Emirates NBD, said.“Saudi Arabia’s PMI eased only slightly in September, on weaker new order growth. Recent announcements on spending cuts in the kingdom are likely to weigh on household consumption and consumer confidence however, as we head into Q4.”


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