DUBAI - Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output.
"This uptrend hints at an anticipated spike in the non-oil GDP, likely exceeding the 4.5% mark for this year," Naif Al Ghaith, Riyad Bank's chief economist, said about the overall PMI. New order growth slowed in April, registering a reading of 61.0 from 64.0 in March, but sales were supported by strong domestic business conditions, although export orders also remained in expansion mode, driven by the manufacturing sector.
Source: News Formal (newsformal.com)
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