RIYADH: Saudi Arabia has seen a robust improvement in business conditions across the non-oil sector in June, as the Kingdom steadily advances in its path of economic transition, according to the latest PMI data from S&P Global.
It said new business rose at the sharpest rate for eight months, despite evidence that intensifying cost pressures had led companies to mark up their prices.
David Owen, Economist at S&P Global Market Intelligence, said: “Saudi Arabia’s non-oil economy continued to go from strength to strength in June, with the PMI picking up to an eight-month high of 57.0 and posting well above the 50.0 no-change mark.
He said the upturn was underlined by a robust increase in new business levels, which encouraged firms to expand their output sharply and make greater input purchases.