#Saudi non-oil private sector shrinks again in June - PMI - Reuters

Saudi non-oil private sector shrinks again in June - PMI - Reuters:

Saudi Arabia’s non-oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey showed on Sunday.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June from 48.1 in May, remaining below the 50.0 mark that separates growth from contraction.

“June data highlighted another difficult month for Saudi Arabia’s non-oil private sector economy, with cautious business and consumer spending patterns widely reported to have held back new order intakes,” said Tim Moore, economics director at survey compiler IHS Markit.

The June figure is a setback for the non-oil private sector, which Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has put at the centre of reforms aimed at diversifying the kingdom’s oil-reliant economy.