Saudi Arabia’s non-oil private sector growth improved in February, driven by marked expansions in output and new work, survey figures from Emirates NBD and Markit Economics showed Thursday.

The headline Emirates NBD Purchasing Managers’ Index, or PMI, rose to 54.4 in February from January’s survey-record low of 53.9. Any reading above 50 indicates expansion in the sector.

Though signaling a rebound in growth, the latest figure was well below the long-run series average of 58.8.

Both output and new orders grew more quickly than in January, with panellists commenting on a general improvement in client demand stemming from better marketing and discounted prices.

Employment level in the sector increased in February, and the pace of job creation was the most marked in four months.

On the price front, input price inflation remained subdued in the context of historical data. Consequently, firms lowered their selling prices for the fourth successive month.

The material has been provided by InstaForex Company – www.instaforex.com