In June, the non-oil private sector of Saudi Arabia and the UAE witnessed a sharp expansion in business activity, propelled by robust performance of the private sector and substantial new orders.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) surged to 59.6 in June from 58.5 in May, indicating a strong growth in activity.
The new orders sub-index witnessed a considerable increase to 69.5, the highest level since September 2014, mainly due to strong demand and favorable market conditions.
Similarly, the S&P Global UAE PMI rose to 56.9 in June from 55.5 in the previous month, as new business proliferated, hitting a four-year high. However, Egypt's non-oil private sector growth continued to remain in contraction territory, although it picked up to a 22-month high.
The seasonally adjusted S&P Global Egypt PMI rose to 49.1 in June from 47.8 in May, backed by a softened decline in output and new orders.
