Business activity in Egypt grew at its fastest pace in almost six years, buoyed by an uptick in new orders, while Saudi Arabia saw a second month of milder improvements.
In the United Arab Emirates, meanwhile, non-oil private sector activity fell below the threshold of 50 that separates growth from contraction for the first time since August, according to IHS Markit’s Purchasing Managers’ Index. Concerns over further unemployment and renewed lockdowns continued to dog the three major Arab economies.
- Egypt’s PMI rose modestly to 51.4, the strongest reading since December 2014 and the second consecutive month of growth after reaching 50.4 in September
- New order growth was the highest in over six years, but employment fell
- In Saudi Arabia, the PMI increased to the highest in eight months, reaching 51 in October from 50.7 in September
- Job losses accelerated at the fastest pace since June
- The UAE’s PMI reading fell to 49.5 from 51 in the previous month
- New business dropped for the first time since May while output growth and job losses continued
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