Saudi private-sector growth in August is fastest this year: PMI | Reuters:
Growth in Saudi Arabia’s non-oil private sector edged up in August to its fastest rate this year, a survey of companies showed on Tuesday, suggesting a long-awaited recovery of the economy may have begun.
The economy has been hit hard in the last few years by low oil prices and government austerity, but the International Monetary Fund predicts it will start picking up this year as state spending and oil output increase.
The corporate survey indicated that process may now be underway. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.1 last month from 54.9 in July; a level above 50 indicates expansion.
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