Riyadh – Mubasher: Faster growth of new work helped Saudi Arabia’s non-oil private sector to regain some momentum during November, according to Emirates NBD Saudi Arabia PMI™ report.
The overall improvement in business conditions was also supported by further expansions in output, employment and stocks of purchases. That said, the respective rates of growth all eased fractionally since October. Meanwhile, data for prices showed divergent trends, with charges falling despite further inflationary pressure from input costs. Companies suggested that this was due to stronger competition.
The survey, sponsored by Emirates NBD and produced by 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.
“The improvement in the Saudi Arabian PMI last month is encouraging, particularly against a backdrop of sustained low oil prices and an announced freeze in government spending at the start of Q4. The faster growth in new orders and new export orders in November, and continued strength in output, suggests that both domestic and external demand are supportive of non-oil growth even as momentum has slowed from 2014. We expect that the rise in oil production this year has helped to support manufacturing, underpinning activity in the non-oil sectors of the economy.”
