FINANCIAL NEWS

Saudi non-oil business records lower growth in June

05 Jul 2015

(MENAFN) Saudi Arabia’s economy registered lower growth for its non-oil businesses in June, marking its lowest since August 2009, according to an official survey, Reuters reported.

Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI), which is adapted every season, indicated a drop to 56.1 points in June from 57.0 in May. However, it is still well above 50 which marks the dividing line between growth from contraction.

“While the PMI data suggest that growth in the non-oil sector has slowed markedly in the second quarter of 2015, it is important to note that these sectors are still growing at a robust rate,” the head of regional research at Emirates NBD said.

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