Saudi non-oil business activity hits three-month high in April - PMI | Reuters
Business activity in Saudi Arabia's non-oil private sector hit a three-month high in April and employment grew for the first time in five months, a survey showed on Tuesday, as the kingdom shows signs of recovering from the coronavirus pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 in April from 53.3 in March, remaining above the 50 mark that separates expansion from contraction for the eighth straight month.
"The Saudi Arabia PMI rebounded in April to indicate a strengthening of growth across the non-oil economy. New orders picked up at the quickest rate for three months as business conditions continued to recover from COVID-19," said David Owen, Economist at IHS Markit.
The output subindex rose to 58.7 in April from 56.2 in March, with growth widely linked to improving new orders.
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