Saudi nonoil division plunges unsurprisingly

04 Nov 2015

(MENAFN) Progress of Saudi Arabia’s nonoil private segment decelerated at the start of the final quarter of the current year, with new orders, output, and employment increasing at weaker degrees, as showed by data.

Additionally, October data points to a slower rate of growth in the nonoil private sector as the nation head into the fourth quarter, which is unsurprising in the situation of sharply lower oil revenues and tighter liquidity conditions.

However, in spite the loss of momentum, the sector stayed firmly in the growth zone overall, on a different note; purchasing costs increased at the harshest pace since July previous year, all in all putting serious pressure on the nation.

A number of surveys have been conducted recently, all showing that business conditions are advancing at its weakest pace in survey history, plus rates of growth in output, new orders and employment all eased since September.

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