Saudi Arabia: Non-oil economic conditions ease in April
May 3, 2016
The Purchasing Managers’ Index (PMI) sponsored by Emirates NBD and produced by Markit inched down from March’s 54.5 to 54.2 in April. Despite the deterioration observed in April, the PMI rests above the 50-threshold that indicates expansion in business activity in the non-oil producing private sector.
April’s result mainly reflected weaker growth in job creation and new business. On the other hand, output continued to rise in the same month. According to Emirates NBD, “Saudi Arabia’s PMI has been broadly stable around 54 since the start of this year, signaling steady growth in the non-oil private sector. Both new orders and output continue to rise at a robust rate, despite weaker external demand. Firms were more cautious with hiring in April, with jobs growth at a four-month low.”