Business activity in Saudi Arabia grew at the fastest pace since the beginning of the year, fueled by a sharp rise in sales and strengthening sentiment.
In Egypt, activity posted a third month of growth but at a slower rate, as confidence for the year ahead hit a record low on fears over the impact of a second wave of the virus on global markets.
Non-oil private sector activity in Saudi Arabia rose to the highest level since January, according to IHS Markit’s Purchasing Managers’ Index. The gauge was well above the 50 mark that separates growth from contraction.
It’s welcome news for the kingdom, but there’s still catching up to do in order to overcome the coronavirus slowdown, the report said. Concerns that the virus may flare up again still cloud the outlook. Meanwhile, employment figures returned to growth last month, though “only fractionally overall,” according to the report.
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