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Saudi Arabia non-oil private sector sees growth
- Saudi Arabia: Tuesday, September 04 - 2012 at 12:10
According to the SABB HSBC Purchasing Managers' Index, which measures activity in the manufacturing and services sectors, growth of business activity in Saudi Arabia's non-oil private sector rose slightly in August from a seven-month low in July on increasing new business, Reuters has reported. The seasonally adjusted index rose to 58.31 points in August from 58.09 in July, well above the 50-point mark separating growth from contraction. Growth of overall input prices climbed to 56.64 points from 55.75, while output price growth fell sharply to 48.48 from 51.59, recording the first sub-50 level since data collection started over three years ago - potentially indicating downward pressure on corporate profit growth.
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