Saudi Non-Oil Activity Grows at Slowest Pace in 9 Years: Chart

(Bloomberg) -- Saudi Arabia’s non-oil private sector activity expanded in April at the slowest pace in the nine years since the survey began, the Emirates NBD Purchasing Managers’ Index showed. The decline was driven by weak domestic demand and exports; a “surprising” development given higher oil prices and more government spending planned in 2018, according to Khatija Haque, head of MENA research at Emirates NBD. Firms participating in the survey, however, said they were confident that the slowdown will be temporary.

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