Growth in Saudi Arabia's non-oil private sector accelerated last month from a record low in October, a survey of businesses showed on Monday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index rose to 56.3 in November from October's 55.7, which was its lowest level since the survey was launched in August 2009. A level above 50 means business is expanding.
Output growth continued falling, with the subindex hitting a five-month low of 62.9 from to 63.2, but growth in new orders picked up, with a reading of 61.0, up from 58.4. "The faster growth in new orders and new export orders in November, and continued strength in output, suggests that both domestic and external demand are supportive of non-oil growth even as momentum has slowed from 2014," said Khatija Haque, head of regional research at Emirates NBD.
"We expect that the rise in oil production this year has helped to support manufacturing, underpinning activity in the non-oil sectors of the economy." Employment growth slowed to 51.8 in November. Output prices fell for the first time in three months while input price inflation slowed to 53.0 from 54.6.