Saudi Arabia's non-oil private sector growth accelerates slightly in August: PMI

ABU DHABI, Sept 3 (Reuters): Saudi Arabia's non-oil private sector growth was stable in August, with business activity expanding at a slightly quicker pace than in July, as new orders increased, a survey showed on Wednesday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) rose to 56.4 in August from 56.3 in July, and remained well above the 50.0 mark indicating growth.
"The slight increase signalled another month of steady growth, driven by improving demand conditions, a modest rebound in output growth, and further gains in employment," said Naif Al-Ghaith, Riyad Bank's chief economist.
"Although activity growth has eased from the highs seen earlier this year, the underlying trend remains firmly positive."
New order growth accelerated, supported by improved economic conditions, while new export orders also rebounded, driven by marketing activities and collaborations within the Gulf Cooperation Council region, marking the fastest upturn in four months.
The subindex for new orders climbed to 60.1 in August from 59.7 in July.