#Saudi non-oil private sector growth slowest in nearly two years - PMI - Reuters

Saudi non-oil private sector growth slowest in nearly two years - PMI - Reuters:

Saudi Arabia’s non-oil private sector expanded in February at its slowest pace in almost two years, pulled down by falling output and new orders as well as supply chain disruptions caused by the coronavirus, a survey showed on Tuesday.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 52.5 in February - the slowest growth since April 2018 - from 54.9 in January. It remained above the 50.0 mark that separates expansion from contraction. 

“The latest survey data highlights a sharp loss of momentum since the start of 2020, with overall business conditions improving at the slowest pace for almost two years,” said Tim Moore, economics associate director at survey compiler IHS Markit.