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DOMESTIC ORDERS JUMP

Saudi business growth hits 3-month high

Riyadh, January 6, 2014

Growth in Saudi Arabia's non-oil business activity accelerated in December to a three-month high, a survey showed on Monday, while output growth rose at the fastest rate since April.

The seasonally adjusted SABB HSBC Saudi Arabia Purchasing Managers' Index rose to 58.7 points last month from 57.1 points in November, well above the 50-point mark that separates expansion from contraction.

Despite a surge in overall new order growth to 67.5 points from 63.9 points, business managers reported slackening growth in demand from foreign clients. They attributed the rise in domestic orders to higher construction activity, new infrastructure projects and better marketing efforts.

Output growth rose to an eight-month high of 61.6 points in December; staffing growth, while modest, was the highest since March.

Input prices and purchasing prices both showed the highest rate of growth since March, while output price inflation was the highest since February. - Reuters




Tags: growth | PMI | Saudi business |

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