Saudi non-oil business hits 6-month high in Jan
Jeddah, February 5, 2012
Growth in business activity in Saudi Arabia's non-oil private sector rose to a six-month high in January, backed by expansion in new orders and output, said a survey of over 400 private companies published on Sunday.
The SABB HSBC Saudi Arabia Purchasing Managers' Index (PMI), which measures activity in the manufacturing and services sectors, rose to 60.04 in January from 57.66 in December. It was well above the 50 mark distinguishing growth from contraction.
Output jumped to a seven-month high of 66.61 in January from 62.62 in the previous month.
New orders also increased sharply, reaching 68.90 in January from 65.44 in December. The seasonally adjusted index indicated the quickest expansion in new business for six months; many respondents said the rise was mainly driven by domestic clients.
Meanwhile, the employment index rose to 53.22, just below the average for the series, from 52.05.
Saudi Arabia is enjoying strong economic growth as it implements multi-billion dollar infrastructure projects. – Reuters