Business activity in Arab world's two biggest economies continues to improve in October
03 November, 2021
Business activity in the non-oil private sectors of the Arab world’s two biggest economies continued to improve in October, boosted by easing of Covid-19 restrictions, a rise in tourism and increased spending amid economic recovery.
Saudi Arabia’s IHS Markit Purchasing Managers’ Index was 57.7 in October, the second-highest reading recorded since the start of the pandemic. Despite slipping from 58.6 in September, it underlined a sharp improvement in the kingdom's business conditions. A reading above 50 indicates economic expansion, while anything below points to a contraction.
In the UAE, the headline PMI reading climbed to 55.7 in October from 53.3 in September, underpinning a marked increase in new business during October, driven by rising spending amid the opening of the Expo 2020. Output levels in the Emirates also rose at the strongest rate for more than two years, while business confidence also improved markedly.
Source: www.thenationalnews.com
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