Arab News, Sunday, Dec 05, 2021 | Rabi Al-Aakhir 30, 1443
Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit
Saudi Arabia:
Strong demand and modest price pressures are pushing business activity to rise
Saudi Arabia, a latest IHS Market report showed, indicating a “strong growth
momentum” for the Kingdom’s non-oil sector.
The new Purchasing Managers’ Index (PMI) report
said business activity rose “at one of the fastest rates since the start of the
COVID-19 pandemic.”
This is despite the index dropping from 57.7 in
October to 56.9 in November, which the report still said was “in line with the
average recorded over the 12-year series.”
“Despite slipping to a three-month low, new
business growth was rapid overall, whilst activity expanded at one of the
quickest rates since the start of the pandemic,” David Owen, an economist at the
IHS Markit said.
The fall was due to a slowdown in new orders,
which fell for the second month in a row from September’s seven-year high.