(MENAFN) According to a survey of business, growth in Saudi Arabia's nonoil private sector increased in July, following the poor performance in June when it hit a record low.
The Emirates NBD Saudi Arabia Purchasing Managers' Index (PMI) climbed to 57.7 points last month from 56.1 in June, which was its lowest level since the survey was launched in August 2009.
In July, the output subindex rose sharply to a four-month high of 65.1 points from 62.1 in June, while the new orders subindex accelerated even faster to 63.1 from 59.8. The 50-point level separates expansion from contraction.
"The latest PMI survey is encouraging and suggests that the slight slowdown we've been seeing in the region's largest economy since March is now over," senior economist at Emirates NBD said.
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