Saudi non-oil business growth eases in March but output remains strong-PMI | Reuters
Saudi Arabia's non-oil business activity continued to expand at a strong rate in March, a monthly survey showed, boosted by an increase in new orders, although the pace of growth softened from the previous month.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index eased to 58.7 in March, firmly over the 50 mark which separates growth from contraction, but down from 59.8 in February, the highest reading in almost eight years.
The New Orders sub-index eased to 66.4 in March after surging to 68.7 the previous month but signals continued strong demand, with demand from foreign firms particularly strong.
"Business conditions remain strongly positive at the end of the first quarter of 2023 as improving market conditions and increased development spending helped to boost demand in the non-oil private sector," said Naif Al-Ghaith, Riyad Bank's chief economist.
No comments:
Post a Comment