Saudi Arabia's non-oil private sector continued to grow in August but lost momentum due to a sharp drop in output expansion, a business survey showed, signalling a challenging recovery from the COVID-19 pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index dropped to 54.1 in August from 55.8 in July, remaining above the 50 mark that separates growth from contraction.
"The non-oil economy went slightly off the boil in August, as output growth slipped to the weakest level for ten months amid a slowdown in new business gains," said David Owen, economist at IHS Markit. The world's largest crude exporter was hit hard last year by the twin shock of the coronavirus and record-low oil prices, but the economy has recovered this year amid improved demand due to the easing of coronavirus-related restrictions.
The rate of job creation was unchanged from July and remained marginal as businesses found levels of staffing sufficient to complete existing work.
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