Saudi Arabia's non-oil business activity slows to 2-year low in Jan-PMI
The subindex for Output dropped to 58.1 last month, from 61.0 in December, and remained firmly in growth mode, but the pace of expansion in new orders dropped to 60.5 last month, from December's 68.3 reading, signalling weakness in demand momentum.
"It's clear that the non-oil economy has continued to grow, despite challenges stemming from rising costs and interest rates," Naif Al-Ghaith, chief economist at Riyad Bank said. (Image credit: Reuters)