#Saudi private sector growth stable in April, employment subdued: PMI - Reuters

Saudi private sector growth stable in April, employment subdued: PMI - Reuters:

Saudi Arabia’s non-oil private sector growth remained steady - though unchanged - in April, but strong demand and increased business confidence did not translate into job creation, a monthly survey of companies showed on Sunday.

The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index remained unchanged month on month at 56.8 in April. A reading above 50 indicates expansion and below that contraction.

The Saudi private sector struggled last year because of fuel price hikes, the introduction of a 5 percent value-added tax and higher fees for hiring foreign workers.