Saudi Arabia’s HSBC Purchasing Managers Index climbed to the highest level in four months in September as economic growth gathered momentum in the world’s largest oil exporter.
The index added two points to 60, its biggest monthly increase since January, HSBC Holdings Plc said in a report on Wednesday, led by a jump in output and new orders. HSBC PMI for the UAE, the second-biggest Arab economy after Saudi Arabia, rose about 0.5 point to 53.8.
The gain in Saudi Arabia “is particularly striking given weak September PMI scores for many other major emerging and developed markets,” Simon Williams and Liz Martins, Dubai-based HSBC economists, wrote in the report. “We expect this outperformance to persist.”
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