Saudi private sector growth in January slowest since December 2018: PMI - Reuters:
Growth in Saudi Arabia’s non-oil private sector was at its slowest in just over a year in January, as cautious consumer spending hampered new business growth and export sales dipped, a survey showed on Tuesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) declined to 54.9 in January from 56.9 in December. Any reading above the 50 mark indicates expansion.
The headline figure - which gives a measure of operating conditions in the non-oil private economy - was the lowest since December 2018.
“January data suggested that non-oil private sector companies remained in expansion mode. However, business activity was again constrained by a slowdown in new order growth,” said Tim Moore, Economics Associate Director at IHS Markit.
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