Saudi Arabia Private Sector Growth At 19-month High

(RTTNews) - Saudi Arabia's private sector expanded at the fastest pace in 19 months in June, with a rise in new works and output, survey data from IHS Markit showed on Wednesday.

The Emirates NBD Saudi Arabia purchasing managers' index, or PMI, rose to 57.4 in June from 57.3 in May. Any reading above 50 indicates an expansion in the sector.

Output growth in the non-oil private sector slowed to a three-month low in June, but the rate of expansion remained sharp.

New business growth accelerated at the fastest pace in three months, leading to an increase in the employment level, but at a slower pace than in the previous month.

Cost burdens of the non-oil private sector businesses rose for the second straight month, while the rate of inflation eased in June.

Business confidence towards future growth prospects was strong in June after easing to a ten-month low.