Saudi Arabia Non-Oil Private Sector Growth Slows In March

(RTTNews) - Saudi Arabia's non-oil private sector expanded at a softer pace in March, survey results from IHS Markit showed on Monday.

The Purchasing Managers' Index fell to 53.3 in March from 53.9 in February. Any reading above 50 indicates growth in the sector.

New orders growth softened for the third month in a row and sales growth eased in March.

Business activity expanded at a softer pace in March and outstanding work dropped at the quickest since June last year.

The number of employed remained stable in March, while rising output led to expansion in purchasing. Suppliers' delivery times lengthened in March.

"The pandemic and associated restrictions continued to trim new business growth, according to respondents, contributing to a more downbeat outlook for business activity over the next 12 months," David Owen, an economist at IHS Markit, said.