Saudi Arabia’s non-oil private sector continued to see “robust growth” in April, Reuters reports, citing the headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) which stood at 55.7 for the month.
A PMI reading over 50 indicates growth or expansion.
The growth fell slightly from 56.8 in March “as fears over inflation began to weigh on demand,” the report added, bringing the PMI to a three month low “as companies sharply raised selling charges to pass on higher input costs,” Bloomberg reports.
“The Saudi Arabia PMI signalled another strong improvement in the health of the non-oil sector in April, but one that also showed the first signs of price pressures swaying clients’ spending decisions. The rate of new order growth was the softest recorded since January, as some panelists indicated a drop in sales due to recent increases in charges,” David Owen, economist at survey compiler S&P Global, was quoted as saying.
