#Saudi non-oil private sector growth slows amid concerns over Omicron - PMI | Reuters

Saudi non-oil private sector growth slows amid concerns over Omicron - PMI | Reuters

Saudi Arabia's non-oil private sector grew last month at the slowest pace since March, marking its 16th consecutive month of expansion, amid rising concern over the spread of the Omicron variant of the coronavirus, a survey showed on Tuesday.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) dropped to 53.9 in December from 56.9 in November, marking solid growth but falling well below 2021's average of 55.8 and the series average of 56.8.

Growth in output slowed, with the subindex at 57.3 in December compared with 61.7 in November.

Growth in new orders weakened for a third straight month to hit its slowest pace since March, while the expansion in new export orders slowed to an eight-month low.