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FINANCIAL NEWS
Saudi non-oil sector growth at 5-month high in August
03 Sep 2015
(MENAFN) Saudi Arabia’s non-oil private sector growth went up to a five-month high in August, helped by the impact of increasing oil production, a survey of businesses showed.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index climbed to 58.7 points last month from 57.7 in July. The 50-point level separates expansion from contraction.
Saudi Arabia has raised its oil output to record highs in the last few months to protect its market share, although global oil prices plunged to six-year lows in August.
“We expect Saudi to maintain high levels of oil output regardless of the price, which should continue to underpin activity in the non-oil sectors through the rest of this year,” analyst at Emirates NBD said.
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