Saudi non-oil private sector expansion quickens as recovery deepens: PMI

Saudi Arabia’s non-oil private sector expanded for the ninth consecutive month in May and did so at a pace that quickened for a second straight month, a survey showed on Thursday, further solidifying its recovery from the pandemic and last year’s historic slide in oil prices.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) rose to 56.4 in May from 55.2 in April, its fastest pace of growth since January. It signalled a robust improvement in business conditions and approached the series average of 56.9.