Saudi private sector employment growth at 18-month high

Saudi private sector employment growth at 18-month high

Growth in Saudi Arabia’s non-oil private sector increased in September at the fastest rate for three months. According to a survey showed on Thursday, an increase in output and employment growth reached an 18-month high.

 The seasonally adjusted IHS Markit Saudi Arabia PMI rose from August’s 57.0 to 57.3 in September, soaring above the 50-mark that indicated expansion.

“Output among non-oil private sector firms in Saudi Arabia grew at a sharp pace in September, with the rate of expansion quickening to the fastest since December 2017,” said Amritpal Virdee, principal economist at survey compiler IHS Markit.

“At current levels, the PMI survey is consistent with year-on-year GDP growth of around 3% as we head into the final quarter of 2019,” he said.