Growth in Saudi Arabia’s non-oil private sector rose to its highest mark last month since December 2017. The monthly business conditions survey showed that the private sector new order growth accelerated fastest since April 2015.
According to Khatija Haque, head of MENA Research at Emirates NBD, the average purchasing managers’ index (PMI) for Q1 2019 was 56.5 indicating the greatest quarterly expansion in the non-oil private sector since Q4 2017.
The output of goods and services for non-oil private sector also increased at a faster rate in March and reached a seven month high. Firms that were surveyed reported that the upturn in the market reflected stronger market conditions. Greater sales efforts, improved product offerings and competitive pricing, attracted customers.
With firms seeking a boost in sales through competitive pricing, March saw a decrease in average prices charged for goods and services. The survey also showed that confidence towards future output remained strongly positive.