Saudi non-oil business growth slows in May
03 Jun 2015
(MENAFN) Saudi Arabian non-oil private sector slowed down with profits due to hindrances that occurred to expansion projects in the sector, according to an official survey, Reuters reported.
Despite remaining strong, the non-oil private sector has been impacted by the lower oil prices, which took its toll on oil industry projects and finally reached into the non-oil economy.
The seasonally adjusted SABB HSBC Saudi Arabia Purchasing Managers’ Index dropped to 57.0 points last month from 58.3 points in April. A reading above 50 points indicates expansion and below 50, contraction.