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Saudi Arabia Non-Oil Private Sector Growth At 3-month Low

Saudi Arabia's non-oil private sector economy expanded at a slower pace in March, data from a survey by Markit Economics and the Saudi British Bank showed Tuesday.

The purchasing mangers' index (PMI) for the non-oil private sector decreased to 58.7 in March from 59.6 in February. A PMI reading above 50 indicates expansion in the sector, while a reading below 50 suggests contraction. The index dropped for a second month in a row.

New business order received by Saudi non-oil private companies increased strongly in March, on account of strong foreign demand. Output in the non-oil private sector firms continued to grow at a marked rate in March. Employment in the sector increased during the month.

Input price inflation eased in March to the weakest rate so far in 2012, after rising to a nine month high in February. Output price inflation rose to an 8-month high in March.

by RTTNews Staff Writer

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