Saudi non-oil private sector at 6-year high in March

11 Apr 2015

(MENAFN) Growth in Saudi Arabia’s non-oil private sector accelerated to a six-month high in March, indicating the kingdom’s economy continues to grow despite low oil prices, The Peninsula Qatar reported.

The government continued spending heavily on economic development and welfare projects despite the fall of oil prices, drawing down its huge foreign currency reserves to cover its budget deficit.

‘Rates of expansion eased for the second month running and were below those seen through much of last year,’ economist at Markit said. ‘As a result, workforce numbers rose at the slowest pace in three years.’

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