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FinancialNews
08-04-19
Saudi PMI climbs to 56.8 in March
(MENAFN) Saudi Arabia Purchasing Managers' Index (PMI) recorded a boost in March compared to a month earlier to break a high record since December 2017.
Last month, Saudi Arabia's PMI stood at 56.8 compared to 56.6, marking one of the most solid performances in the last three and a half years.
Head of Mena Research at Emirates NBD Khatija Haque stated "the average PMI reading for the first quarter of 2019 was 56.5, indicating the strongest quarterly expansion in the non-oil private sector since the fourth quarter of 2017."
The chief noted "however, the rebound in new orders and business output in recent months has not fed through to job growth, with private sector employment declining for only the third time in the series history last month."
Haque added "there also appears to be very little pricing power for firms, with selling prices declining (albeit only marginally) for the fifth month in a row."
MENAFN0804201900450000ID1098358424
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