• Email Us: [email protected]
  • Contact Us: +1 718 618 4351
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Saudi non-oil sector expansion loses momentum in August – PMI

September 5, 2021 by David Barret Leave a Comment

September 5, 2021

DUBAI (Reuters) – Saudi Arabia’s non-oil private sector continued to grow in August but lost momentum due to a sharp drop in output expansion, a business survey showed, signalling a challenging recovery from the COVID-19 pandemic.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) dropped to 54.1 in August from 55.8 in July, remaining above the 50 mark that separates growth from contraction.

The output sub-index stood at 55.4 against 59.7 in July, its weakest reading since October last year.

“The non-oil economy went slightly off the boil in August, as output growth slipped to the weakest level for ten months amid a slowdown in new business gains,” said David Owen, economist at IHS Markit.

“Whilst domestic orders remained strong and firms saw an upturn in tourist numbers, many businesses continued to find market conditions challenging amid the pandemic,” he said.

The world’s largest crude exporter was hit hard last year by the twin shock of the coronavirus and record-low oil prices, but the economy has recovered this year amid improved demand due to the easing of coronavirus-related restrictions.

New business continued to expand in August but at a slower pace, partly because of a softer increase in export sales as rising COVID-19 cases in other parts of the world weighed on the recovery in foreign demand, the survey said.

The rate of job creation was unchanged from July and remained marginal as businesses found levels of staffing sufficient to complete existing work.

“Job creation disappointed again in August, due to a further fall in backlog volumes and a subdued outlook for future activity”, said Owen.

“Whilst firms expect an improvement in domestic business conditions in the coming months, the unpredictability of the pandemic meant that downside risks remained high.”

(Reporting by Davide Barbuscia)

Source Link Saudi non-oil sector expansion loses momentum in August – PMI

David Barret
David Barret

Related posts:

  1. Japan lays out growth strategy priorities ahead of elections
  2. This cheap 4K TV could be one of the best 40-inch screens to buy this year
  3. Analysis-A City divided? London tackles Brexit with twin-track finance
  4. The Fujifilm X-T30 II is a minor reboot of one of the world’s best travel cameras

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • TWIS: Orcas Ramp Up Their Boat-Destroying Tactics, Billion-Year-Old Rocks Reveal Ancestral “Lost World”, And Much More This Week
  • 100,000 Soldiers: A Geological Oddity Not Seen Anywhere Else In The World
  • Most Expensive Pink Diamond Sells For Record $34 Million In Just 2 Minutes
  • Some Think Shilajit Is An “Elixir Of Life,” But What Does The Science Say?
  • US “Doomsday” Plane, Capable Of Surviving Nuclear War, Just Got A Big Revamp
  • Who Were The Real Aryans Before The Name Got Co-Opted By Racists?
  • After Months Of Warnings, El Niño Has Been Officially Declared
  • “Elixir Of Life”: Single Amino Acid Could Boost Lifespan By 10 Percent
  • 12,000-Year-Old Bone Flutes Discovered Sound Amazingly Like Birds Of Prey
  • Three New Shipwrecks Found In The Mediterranean, Dating Back As Far As 100 BCE
  • The Biggest Ammonite Fossil Ever Found Was A Whopping 1.8 Meters
  • RNA-Editing Octopuses Rewire Their Brains To Cope With Drops In Temperature
  • New 99-Million-Year-Old Dinosaur Species Discovered In Utah
  • Rebound Relationships: What They Are And Why They Can Work Better Than You Think
  • Aggressive Rabid Moose Becomes The First Ever Detected In Alaska
  • Are Billionaires’ Extreme Youth-Extending Measures Really Worth It?
  • Is A Mysterious Cipher Concealed Within The “Alchemical Hand Bell”?
  • IFLScience The Big Questions: Is Jurassic Park Possible?
  • Greenhouse Gas Emissions At “All-Time High,” Pushing Planet To Its Limits
  • Parents Who Phub Could Push Their Kids Towards Phone “Addiction”
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 618 4351
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2023 · Medical Market Report. All Rights Reserved.

Go to mobile version