Saudi Arabia is proving vulnerable to fears over inflation in the wake of the war in Ukraine, even at a time when the economy expands at the fastest pace in over a decade.
New order growth in the Saudi non-oil private sector slipped to a three-month low in April as companies sharply raised selling charges to pass on higher input costs, according to a survey of purchasing managers published by S&P Global on Monday.
Confidence among companies worsened, with respondents saying that volatile global prices and greater uncertainty have rattled some clients. Just 9% of respondents provided a positive forecast for their output expectations, compared with an average of 15% for last year.
Business conditions improved overall but still reached the lowest in three months. S&P’s Saudi Purchasing Managers’ Index was at 55.7 last month, still well above the 50-mark separating growth from contraction.
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