Saudi Arabia: Non-oil business activity rises in November from October's record low
December 5, 2016
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by IHS Markit rose from October’s 53.2 to 55.0 in November. October’s print had represented the lowest value since records began in August 2009. As a result, the index remains comfortably above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.
November’s result reflected stronger expansions in output, new orders, purchasing activities and input stocks. Jobs growth improved marginally but remained at modest levels. Moreover, higher cost pressures led to an increase in charges for the first time in three months. According to Emirates NBD, November’s improvement, “is consistent with other evidence showing non-oil sector activity recovering last month, following the Kingdom’s first international debt issue in late October.”