Saudi activity growth at 6-month high
Riyadh, October 3, 2013
Growth in non-oil private business activity in Saudi Arabia accelerated to a six-month high in September as output prices rose for the first time since January, a survey showed on Thursday.
The seasonally adjusted SABB HSBC Saudi Arabia Purchasing Managers Index was at 58.7 points in September, well above the 50-point mark separating expansion from contraction, against 57.5 in August.
It was buoyed by a sharp increase in new orders and solid growth in output.
Output growth hit a five-month high of 60.9 in September, while new orders rose to an 11-month high of 68.8 from August's 66.3. New export orders were at 62.6, the fastest clip since the survey started in August 2009, against 56.0 in August 2013.
Output prices rose for the first time in eight months in September to 50.8, from 48.9 in August. Overall input prices continued to rise with the sub-index at 55.1, little changed from the previous month. - Reuters