Business activity in Arab world’s largest economies improves in May as vaccinations boost confidence

Business activity in Arab world’s largest economies improves in May as vaccinations boost confidence

Business activity in the non-oil private sector of the Arab world's two biggest economies continued to expand in May as rising confidence amid roll out out of Covid-19 vaccination at pace boosted new orders and domestic demand.

The IHS Markit Saudi Arabia Purchasing Managers' Index rose for the second month in a row to 56.4 in May from 55.2 in April. A reading above the 50-mark is an indicator of economic expansion while anything below points to a contraction.

The reading indicated a robust improvement in business conditions that was the fastest recorded since January, according to the survey.