Nonoil sector posts solid growth

Growth in business activity in Saudi Arabia’s nonoil private sector rose to a nine-month high in April, boosted by strong output and new orders, a survey showed.
April Purchasing Managers’ Index (PMI) data was reflective of strong demand conditions in the Saudi Arabian nonoil private sector economy, said the report issued by the Saudi British Bank (SABB) and HSBC.
SABB has published the results of the headline SABB HSBC Saudi Arabia PMI for April 2012. The PMI reflects the economic performance of Saudi Arabian nonoil producing private sector companies through the monitoring of a number of variables, including output, orders, prices, stocks and employment.
The monthly report said growth of both output and new business accelerated from March readings, taking the latter above its series trend.
Firms also demonstrated their confidence in current and future business conditions by taking on new staff, increasing purchasing activity and accumulating stocks.
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