ALBAWABA - The non-oil private sector in Saudi Arabia showed rapid expansion in March, according to Riyadh PMI index.
Despite a slight decrease from February, production and new business continued to grow, leading to increased employment and purchases, the index showed.
It said companies faced difficulties in passing on increased costs due to intense market competition, causing a slight rise in the price of sales.
The main PMI index recorded 58.7 points, still higher than the average level of 50, indicating a noticeable improvement in operating conditions and a sharp rise in new business for non-oil companies.
An increase in production prices also helped boost sales, with rising demand from foreign customers.
The non-oil private sector in Saudi Arabia showed growth in March, according to Riyadh PMI. The growth was driven by rising production and new business, which led to increased employment and purchases. However, intense competition in the market made it difficult for companies to pass on increased costs, causing a slight rise in sales prices, according to PMI.
PMI stands for Riyadh Bank Saudi Arabia Purchasing Managers' Index, according to S&P Global. It is a weighted average of the following five indices: New orders (30 percent), output (25 percent), employment (20 percent), suppliers' delivery times (15 percent) and stocks of purchases (10 percent)
