Saudi Arabia’s Non-Oil Activity Eases in July
Introduction
A survey Thursday showed non-oil activity in Saudi Arabia eased in July as new order growth slowed after production jumped to its highest level in several years the previous month.
Decline in Purchasing Managers Index
Seasonally Adjusted Riyad Bank Purchasing Managers Index of Saudi Arabia fell to 57.7 in July from 59.6 in June, its lowest level since December 2022.
Slowing Growth in New Orders
The new orders sub-index indicated a slowdown in growth, reaching 63.1 in July from 69.5 in June, the slowest pace of growth this year despite continued demand, according to Reuters.
Steady Production Levels
Total production remained at the same level as in June, with the construction and manufacturing sectors accounting for the largest increases.
