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FINANCIAL NEWS
Saudi hits sustained economic growth in July
02 Sep 2014
(MENAFN) Jadwa Investment said that Saudi economic indicators show a sustained developmental growth in July, Saudi Gazette reported.
The economic data for July was strong with the non-oil PMI expanding at the fastest rate since September 2012.
Consumer spending also remained robust. Cement production and sales declined on the back of seasonal trends, but also due to changes in labor market.
Moreover, total bank deposits hit a new all-time high above USD400 billion for the first time in July. The prospect of higher interest rates in the US has pushed the annual growth of time and saving deposits to a six-year high.
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