(MENAFN) Saudi Arabia and the UAE posted the highest growth in economy in the current quarter compared to other MENA countries, according to Arab News.
Paul Wetterwald, chief economist of Credit Agricole Private Banking, said: "There is no change in trends in the Purchasing Managers Indices (PMIs) over the last two months. The May data almost mimicked the April figures, as on one side Saudi Arabia and UAE PMIs remained largely above the 50 expansion/contraction frontier and, on the other side, struggling Egypt and Lebanon remained in contractionary mood, posting 48.7 and 48 marks."
Wetterwald added that the data have thereby confirmed that Saudi Arabia and the UAE enjoy both growth momentum and similar rates of inflation.
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