Wednesday, 19 June 2019 08:56 GMT

Saudi private market sees record slow pace

(MENAFN) Saudi Arabia recorded a significant slow pace in the growth of its non-oil private sector by the end of last year, to mark the slowest rate to be seen in 9 years.

Such slow rate is considered as a sign for a weak development in the non-oil private economy during 2018 compared to earlier years.

The result was unveiled by the Emirates NBD Purchasing Managers' Index (PMI) for Saudi Arabia.

According to the PMI, private sector growth averaged 53.8 last year when compared to a yearly average of 58.0 in the past eight years.

MENA economist at Emirates NBD Daniel Richards noted that "while output dipped from its recent peak in November, it remained comfortably above the 2018 average of 57.6, coming in at 58.2."

Richards added that "new orders followed a similar trend, falling from November but at 58.4 still stronger than seen earlier in the year."


Saudi private market sees record slow pace

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