Saudi Arabia’s PMI fell to 52.8 last month from 53.2 in February, reaching its lowest level since the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) survey was launched in Aug 2009. Yet the report claimed that business confidence remained strong in the non-oil private sector and output growth picked up. The recent implementation of VAT has contributed to a drop in new orders. Emirates NBD added that business optimism was at 71.0, which is still above the 12-month average of 61.4, despite the current sluggish growth.
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