Saudi Arabia's non-oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey showed on Sunday.
FILE PHOTO: A Saudi woman sits in her shop at heritage village during Gulf Coastal Cultural Festival at Dammam Corniche, Dammam, Saudi Arabia April 20, 2018. REUTERS/Hamad I Mohammed
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index fell to 47.7 in June from 48.1 in May, remaining below the 50.0 mark that separates growth from contraction. The June figure is a setback for the non-oil private sector, which Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has put at the centre of reforms aimed at diversifying the kingdom’s oil-reliant economy.
Employment in the private sector in June fell at the fastest pace since the survey began in August 2009, as firms shed jobs to reduce costs and amid concerns over the business outlook.
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