Saudi Arabia Non-Oil Private Sector Maintains Strong Growth Momentum

(RTTNews) - Saudi Arabia's non-oil private sector continued to expand strongly in June, though the rate of growth eased slightly from June, survey results from S&P Global showed on Wednesday.

The Purchasing Managers' Index fell to 56.3 in July from 57.0 in June. However, a reading above 50 indicates expansion in the sector.

The overall solid growth in July was driven by rising customer numbers, increased output, and greater purchasing, the survey daid.

New orders rose significantly in July, with the latest upturn the second-quickest in eight months.

In line with rising new orders, firms raised their employment levels further in July. The rate of job creation was the quickest since September 2019.

On the price front, inflationary pressures remained marked in July, with input and output prices rising sharply.