The growth of the Saudi non-oil sector to its highest level...

  Demand in the private sector in Saudi Arabia grew after the Corona crisis (Getty)

A survey showed, today, Tuesday, that the non-oil private sector in Saudi Arabia It grew in September and new orders rose at the highest rate in seven years after the easing of restrictions imposed by COVID-19 pandemic On activities and travel to support consumer demand.

The seasonally adjusted IHS Markit Purchasing Managers’ Index for Saudi Arabia rose to 58.6 in September, from 54.1 in August, to remain above the 50 mark that separates growth from contraction. The 4.5-point increase represents the strongest improvement in the non-oil sector conditions since August 2015.

Companies increased production at the highest rate since May and new orders jumped, with its sub-index increasing by 10 points on a monthly basis.

“After falling for two consecutive months, the latest reading shows that the economic recovery is strong, and the easing of pandemic restrictions will launch a new wave of demand,” said David Owen, economist at IHS Market.

Saudi Arabia, the world’s largest oil exporter, expects economic growth of 2.6% this year and 7.5% in 2022, after a 4.1% contraction last year due to the Corona crisis and a record drop in oil prices.

However, despite the rise in new orders, the availability of jobs remained limited in September. “Demand pressures and growing optimism about activity will prompt more companies to hire staff during the last quarter of this year,” Owen said.

(Reuters)

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