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Higher demand boosts Saudi non-oil activities

Higher demand boosts Saudi non-oil activities

ArabFinance: The Saudi Arabian non-oil private sector improved in June, recording the highest growth since September amid increasing demand and inflation, Reuters reported on July 5th.

The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers' Index (PMI) grew to 57 in June from 55.7 in May.

The output sub-index rose to 61.8 last month from 59.3 the month before, while input cost hit a 22-month high.

The sub-index of employment inched down in June. However, it remained above the 50-point threshold.

"However, the latest data also signaled an acceleration of input cost pressures, as fuel and raw material prices continued to rise in the face of global supply challenges. Notably, cost inflation was up to its highest level for almost two years, prompting a further uptick in average prices charged,” Economist at S&P Global Market Intelligence David Owen commented.

 

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