Saudi PMI Falls to Record as Oil Weighs on Private Sector Growth
- U.A.E. October PMI drops to lowest level since April 2013
- Levels above 50 still in `firmly in expansion territory'
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A measure of growth in Saudi Arabia’s non-oil private industries dropped to the lowest level in six years in October as the slump in oil prices slowed the biggest Arab economy’s momentum.
The Emirates NBD Purchasing Managers’ Index fell to 55.7 from 56.5 in September, the lowest level since the survey began, driven by weaker expansion in new business. The same measure for the United Arab Emirates fell to 54 from 56 in September, the lowest since April 2013, the Dubai-based bank said on Tuesday. Readings above 50 signal expansion, while those below indicate contraction.