Saudi non-oil growth at 7-year high

DUBAI: The easing of pandemic-induced restrictions on business activities and travel has pushed Saudi Arabia’s non-oil private sector to grow in September, at the fastest rate in seven years, Arab News quoted IHS Markit, as saying.

The relaxation of the regulations boosted customers’ demand, the latest IHS Markit report said, helping businesses expand their output.

The seasonally adjusted Purchasing Managers’ Index (PMI) surged to 58.6 in September from 54.1 in August. This 4.5 gain was the strongest improvement in the kingdom’s non-oil sector since August 2015.

“After two successive falls, the latest reading showed that the economic recovery has stamina, and the relaxation of pandemic measures will release new waves of demand,” David Owen, an economist at London-based intel firm, said.