Saudi Arabia Non-Oil Private Sector Improves In February

(RTTNews) - Saudi Arabia's non-oil private sector growth increased in February, survey results from IHS Markit showed on Thursday.

The Purchasing Managers' Index rose to 56.2 in February from 53.2 in January. Any reading above 50 indicates growth in the sector. New business growth surged in February, while new export orders declined for the second straight month.

Total new business growth increased to the greatest degree in February and backlogs of work declined.

Lead time stabilized in February and led to supplier performance since October 2019.

Input purchases rose at the quickest rate in nearly three years and input inventories increased sharply in February.

Input cost inflation eased in February and output charges remained broadly unchanged.

Business confidence for the next 12 months rose to the highest since January last year, with the hope that market conditions will improve as the country emerges from Omicron wave and client orders will increase further.