Saudi Arabia’s non-oil private sector economy expands in February despite global slowdown – The National

Saudi Arabia’s non-oil private sector economy expands in February despite global slowdown – The National

Egypt's non-oil private sector contracted while businesses in the UAE face additional headwinds due to a global virus outbreak. Business conditions in Saudi Arabia's non-oil private sector economy continued to expand in February, albeit at a slower pace, as output fell.. The seasonally adjusted Purchasing Managers' Index - a gauge designed to give an overview of operating conditions in the non-oil private sector economy - slipped to 52.5 in February, from 54.9 in January.. The main factors weighing on Saudi Arabia's PMI were slower rates of output and new business growth across the non-oil private sector in February.. The seasonally adjusted UAE PMI gauge fell to 49.1 in February, down from 49.3 in January.. The rate of reduction in output though was only moderate.. Egypt's non-oil private sector also contracted in February for the seventh month in a row, after further declines in output, new orders and employment.. At 47.1, the latest IHS Markit Egypt PMI Index reading was up from January's near three-year low of 46 but still indicative of another solid downturn in the non-oil private sector economy.. Faced with weaker demand and reduced output requirements, non-oil companies scaled back employment and purchasing activity in February.. "Unfortunately for