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Saudi non-oil private sector shrinks again in June – PMI

 


FILE PHOTO: A Saudi woman sits in her shop in a heritage village during the Gulf Coastal Cultural Festival at Dammam Corniche, Dammam, Saudi Arabia on April 20, 2018. REUTERS / Hamad I Mohammed

DUBAI (Reuters) – Saudi Arabia’s non-oil private sector fell for the fourth consecutive month in June, as measures to contain the spread of the new coronavirus continue to hit consumer demand, an investigation said Sunday.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June from 48.1 in May, remaining below the 50.0 mark between growth of contraction.

“June’s data highlighted another difficult month for the private non-oil economy in Saudi Arabia, with cautious business and consumer spending patterns that would have largely dampened order intake,” said Tim Moore, economic director of the IHS Markit survey compiler.

The June figure is a setback for the non-oil private sector, which the de facto Saudi Crown Prince Mohammed bin Salman has placed at the center of reforms aimed at diversifying the kingdom’s oil economy.

Saudi Arabia, with the highest coronavirus numbers in the region with more than 197,608 infections and 1,752 deaths as of July 1, ended the three-month curfew on June 21, although some restrictions are stayed in place.

In June, employment in the private sector fell at its fastest rate since the survey began in August 2009, as companies lost their jobs to cut costs and because of concerns over the business outlook.

“Data from June indicated that business expectations for the coming year have turned negative for the first time since the index began in July 2012,” said the IHS Markit report.

Saudi Arabia has expanded several government initiatives to support the private sector during the coronavirus epidemic, state agency SPA reported on Thursday, citing a decision by King Salman.

But a rise in value added tax in July is expected to drive up inflation, dampen consumer demand and slow the economic recovery, according to economists.

Davide Barbuscia report; Editing by Hugh Lawson

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