Saudi Arabia’s non-oil private sector growth eased for the second straight month in October to the lowest level in the survey history, as output and new orders rose at weaker rates, survey figures from Emirates NBD and Markit Economics showed Tuesday.
The seasonally adjusted Emirates NBD Egypt Purchasing Managers’ Index, or PMI, dropped to 55.7 in October from 56.5 in September. However, any reading above 50 indicates expansion in the sector.
In October, new orders grew at the least marked rate since the series began in 2009. Growth of new export business also eased, though remained stronger than the long-run average.
As a result, non-oil private sector output in Saudi Arabia rose more slowly during October.
Employment in the sector increased for the nineteenth month running in October, but the rate of job creation slowed to a three-month low.
On the price front, input price inflation intensified in October, driven by the sharpest increase in purchase prices since July 2014. In contrast, output prices rose only marginally.
The material has been provided by InstaForex Company – www.instaforex.com