Saudi non-oil private sector grows fastest in seven years in September: IHS

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The relaxation of the Covid pandemic restrictions boosted customer demand, the latest IHS Markit report said.
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  • The relaxation of the regulations boosted customer demand, the latest IHS Markit report said, helping businesses expand their output
  • The seasonally adjusted Purchasing Managers’ Index (PMI) surged to 58.6 in September from 54.1 in August

There has been a sharp growth in Saudi Arabia’s non-oil private sector in September, the fastest in seven years, according to HIS Markit.

The relaxation of the Covid pandemic restrictions boosted customer demand, the latest IHS Markit report said, helping businesses expand their output.

The seasonally adjusted Purchasing Managers’ Index (PMI) surged to 58.6 in September from 54.1 in August. This 4.5 gain was the strongest improvement in the Kingdom’s non-oil sector since August 2015.

“After two successive falls, the latest reading showed that the economic recovery has stamina, and the relaxation of pandemic measures will release new waves of demand,” David Owen, an economist at London-based intel firm, said.

 

 

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