Saudi Private-Sector Growth in August Is Fastest This Year: PMI

Saudi Private-Sector Growth in August Is Fastest This Year: PMI
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. Reuters/Faisal Al Nasser
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DUBAI—Growth in Saudi Arabia’s non-oil private sector edged up in August to its fastest rate this year, a survey of companies showed on Sep. 4, suggesting a long-awaited recovery of the economy may have begun.

The economy has been hit hard in the last few years by low oil prices and government austerity, but the International Monetary Fund predicts it will start picking up this year as state spending and oil output increase.