Arab world’s largest economies continue growth momentum in March

SourceThe National
CountryMiddle east

Business activity in the non-oil private sector of the Arab world’s two biggest economies continued to expand in March, on the back of a Covid-19 vaccine roll out. The IHS Markit Saudi Arabia Purchasing Managers’ Index posted 53.3 in March, down from 53.9 in February, a slightly softer, but relatively solid upturn in the performance of the non-oil private sector economy. A reading above a neutral 50 level indicates economic expansion and below points to a contraction. Non-oil businesses in the kingdom continued to see expansions in output and purchasing, and a stabilisation in job numbers that aided efforts to reduce outstanding work. more...