Saudi private sector growth starting to rebound from slump: PMI | Reuters:
Growth in Saudi Arabia’s non-oil private sector accelerated in June to its fastest rate this year as the economy showed signs of emerging from a severe slump triggered by government austerity policies, a survey of companies showed on Tuesday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.00 last month from 53.2 in May. A level above 50 indicates expansion.
In April, the PMI dropped to its lowest level since the survey was launched in 2009 as private businesses were hit by the introduction of 5 percent value-added tax and domestic fuel price hikes at the start of this year.
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