Saudi Arabia Non-Oil Private Sector Growth Steady In June

(RTTNews) - Saudi Arabia's non-oil private sector growth continued at a steady pace in June, survey results from IHS Markit showed on Monday.

The Purchasing Managers' Index remained unchanged at 56.4 in June. Any reading above 50 indicates growth in the sector.

New orders increased at the fastest pace in five months in June, while output declined for the first time since March.

New business inflows continued to rise in June and input buying was the quickest in twenty-one months.

The number of workforce rose in June and the rate of job creation was the fastest since November 2019.

Input price inflation eased for the first time this year and output charges rose at a softer pace in June.

"This may be attributed to the relative strength of domestic supply chains, which have not yet been affected by global supply difficulties," David Owen, an economist at IHS Markit, said.

Business confidence improved to the highest in five months amid expectations of relaxation of Covid-19 measures.