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Saudi non-oil sector’s strong expansion in June driven by new businesses

Saudi Arabia’s non-oil private sector expanded sharply during June as output and new orders rose at accelerated, multi-year record rates, according to the Purchasing Managers’ Index  (PMI) data from the Riyad Bank.

June’s headline PMI number came in at 59.6, up on May’s 58.5 and again indicative of a strong, above trend rate of growth.

Naif Al-Ghaith PhD, Chief Economist at Riyad Bank, said: “The kingdom’s non-oil private sector remained on a steeply upward growth trajectory by the end of the second quarter, as inflows of new business accelerated, particularly in construction and tourism activities.”

Link: https://www.zawya.com/en/economy/gcc/saudi-non-oil-sectors-strong-expansion-in-june-driven-by-new-businesses-hooizb8l

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