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The non-oil sector in Saudi Arabia grows at the highest pace since 2017 in May

A survey report published today shows that the non-oil private sector in Saudi Arabia grew for the ninth consecutive month in May, and the pace of its growth accelerated for the second month in a row, to enhance its recovery from the pandemic and the unprecedented decline in oil prices last year, according to what was published by “Reuters”.

The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index rose to 56.4 in May from 55.2 in April, the fastest pace of growth since January.

It indicated a strong improvement in business conditions and approached the average of 56.9.

The International Monetary Fund had indicated in a recent report that it expected the Saudi economy, which is the largest in the Arab world, to grow by 2.1 percent in 2021, after it contracted by 4.1 percent last year as a result of the double shock of the Corona virus pandemic and low oil prices.

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