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Saudi non-oil private sector grows strongly in January

04 Feb 2015

(MENAFN) According to the Saudi British Bank (SABB) and HSBC, Saudi Arabia’s non-oil private sector economy continued to grow at a strong pace in January, Arab News reported.

The non-oil private sector economy continued to grow at a strong pace last month, with the seasonally adjusted PMI remaining well above the 50 no-change mark, the bank’s survey showed.

Output continued to be raised in line with ongoing growth of new work. However, the rate of expansion in production matched November’s recent low and was below the survey’s average.

With new orders rising at an accelerated rate, but output growing at a slower pace, firms continued to signal some capacity pressures which show themselves through higher backlogs.

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