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Saudi non-oil private sector grows slower in August

Saudi non-oil private sector grows slower in August

According to IHS Markit, the Saudi non-oil private sector increased at a slower pace in August than it did the previous month, with production growing at its slowest pace since October 2020.

Saudi Arabia’s primary IHS Markit Purchasing Managers’ Index (PMI) fell to 54.1 points in August from 55.8 in July.

The seasonally adjusted composite index was created to offer an accurate picture of the non-oil private sector economy’s operational circumstances.

The output index accounted for the bulk of the drop in the main index, which, despite the drop, nevertheless indicates a substantial growth in non-oil activity, which experts ascribed to improved demand and the relaxation of travel restrictions.

In light of the epidemic, David Owen, an economist at Markit IHS Group, said market circumstances remain tough for many firms.

The employment rate remained constant, as businesses determined that present production capacity was adequate to accomplish the task.

“Job creation was disappointing again in August, due to a continued drop in backlogs and a poor forecast for activity,” Owen said in the study. While firms expect domestic business conditions to improve in the next months, the pandemic’s unpredictability implies that downside risks remain significant.

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