#Saudi private sector growth rises to 17-month high in May -PMI | ZAWYA MENA Edition

Saudi private sector growth rises to 17-month high in May -PMI | ZAWYA MENA Edition:

Saudi Arabia's non-oil private sector growth rose to a 17-month high in May as credit conditions improved, output expanded and output prices increased, a monthly survey of companies showed on Monday.

The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index rose to 57.3 in May from 56.8 in April, well above the 50 mark indicating expansion.

Saudi Arabia's private sector was subdued last year as it felt the impact of fuel price hikes, the introduction of a 5% value-added tax and the higher cost of hiring foreign workers.