Business activity in Arab world’s biggest economies rises sharply in September – The National

Business activity in Arab world’s biggest economies rises sharply in September – The National

Business activity in the non-oil private sectors of the Arab world’s two biggest economies continued to improve in September, as the recovery from the pandemic gathers pace.

Saudi Arabia’s IHS Markit Purchasing Managers’ Index increased to 58.6 in September from 54.1 in August, the largest gain since survey data was collected 12 years ago. A reading above 50 indicates economic expansion, while anything below points to a contraction.

The reading signalled the strongest improvement in the kingdom’s non-oil operating conditions since August 2015 as its economy bounces back from the pandemic-driven slowdown. The latest data indicated a substantial increase in new orders for non-oil private sector companies, the highest in seven years.