Saudi Arabia's non-oil private sector economy expanded at the slowest pace this year in July, a survey showed Monday.
The Saudi British Bank/HSBC Purchasing Managers' Index, that reflects the economic performance of Saudi Arabian non-oil producing private sector companies, fell to 58.1 from 59.7 in June, data from Markit Economics showed Monday.
Although the index stayed above 50, the reading was below the average recorded since data collection started three years ago.
Output levels and new orders intakes both increased at slower rates, the weakest for nine and seven months respectively. Moreover, backlogs of work decreased for the first time since last September.
Reflecting trends in activity and new business, purchasing activity and pre-production inventory levels at Saudi Arabia non-oil private sector firms both increased at slower rates in July.
Input price inflation eased in July to the slowest since last December. Likewise, output price inflation slowed to a seven-month low.
by RTT Staff Writer
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