new delhi, dec 03
Business activity in Saudi Arabia grew at the fastest pace since the beginning of the year, fueled by a sharp rise in sales and strengthening sentiment.
Non-oil private sector activity in the kingdom rose to the highest level since January, according to IHS Markit’s Purchasing Managers’ Index. The gauge was well above the 50 mark that separates growth from contraction.It’s welcome news, but there’s still catching up to do in order to overcome the coronavirus slowdown, the report said. Concerns that the virus may flare up again still cloud the outlook. Meanwhile, employment figures returned to growth last month, though “only fractionally overall,” according to the report.The Saudi PMI “pointed to an economy getting back on its feet in November,” wrote David Owen, economist at IHS Markit. “However, most of the key series remain off their trend level, hinting at a continued gap between the economy’s current conditions and its pre-Covid momentum.”
