Saudi PMI Falls to Record as Oil Weighs on Private Sector Growth - Bloomberg Business

Saudi PMI Falls to Record as Oil Weighs on Private Sector Growth - Bloomberg Business:

"A measure of growth in Saudi Arabia’s non-oil private industries dropped to the lowest level in six years in October as the slump in oil prices slowed the biggest Arab economy’s momentum.
The Emirates NBD Purchasing Managers’ Index fell to 55.7 from 56.5 in September, the lowest level since the survey began, driven by weaker expansion in new business. The same measure for the United Arab Emirates fell to 54 from 56 in September, the lowest since April 2013, the Dubai-based bank said on Tuesday. Readings above 50 signal expansion, while those below indicate contraction.
Brent crude prices have dropped more than 40 percent over the past year, leading Saudi Arabia to search for budget savings, contemplate project delays and sell bonds for the first time since 2007. The country relies on oil for at least 80 percent of its revenue."



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