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FinancialNews
05-08-21
Non-oil business activity in Saudi Arabia marks sharp pace of expansion in July
(MENAFN)A survey showed that non-oil business activity in Saudi Arabia had a sharp speed of growth in last month, regardless of slowing for the second month running.
Stressed by a strong improvement in new business inflows, output rose at a sharp pace but still staff levels increased only fractionally in last month as firms remained to signal an excess of business capacity regardless of increase sales.
Increasing command from domestic and overseas clients supported the upturn, which some firms connected to competitive pricing strategies.
The seasonally altered IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) dropped for the first time in four months to 55.8 in July, from 56.4 in June, due to weaker enlargement in output, new orders and employment in comparison to the last month.
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