RIYADH: Saudi Arabia’s business conditions improved at the slowest rate since the purchasing managers index survey began, with the headline PMI falling to 52.8 in March, from 53.2 in February.
“The fall in the pace of expansion in Saudi Arabia’s non-oil private sector to its lowest levels on record last month will prompt firms to continue price discounting in a bid to galvanise demand; output prices were below the neutral 50 level which delineates contraction and expansion for the second month running in March,” said Daniel Richards, Middle East and North Africa Economist at Emirates NBD.
Despite the sluggish growth at present, business optimism at 71 remains far above the 12-month average of 61.4. Incoming new business grew at the slowest rate on record during March. The expansion was only fractional overall.
