Work conditions in Saudi Arabia improved at the fastest pace in more than three years last May, due to the Kingdom easing restrictions related to the Corona pandemic.
The non-oil private sector grew for the ninth month in a row at the end of last month, and the pace of its growth accelerated for the second month in a row, to enhance its recovery from the pandemic and the unprecedented drop in oil prices last year.
The IHS Market Purchasing Managers' Index in Saudi Arabia rose to 56.4 in May from 55.2 in April, the fastest pace of growth since January 2021. Business conditions also witnessed a significant improvement and approached the average of 56.9.
The production sub-index, a measure of business activity, rose to 62 in May from 58.7 in April, its strongest pace since late 2017.
In a report issued by the International Monetary Fund, the Saudi economy, which is the largest in the Arab world, was expected to grow by 2.1 percent this year after shrinking by 4.1 percent last year as a result of the double shock of the pandemic and low oil prices.
The source (Al-Arab London Newspaper, Edited)
