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Investing.com -- Saudi Arabia’s non-oil private sector continued its strong expansion in July, though at a slightly slower pace compared to June, according to the Riyad Bank Purchasing Managers Index (PMI) report released Tuesday.
The headline PMI reading registered at 56.3 in July, down from 57.2 in June. Despite the modest decline, the figure remained well above the 50.0 threshold that separates growth from contraction in business activity.
The report highlighted that job creation accelerated during the month as businesses responded to strong domestic demand conditions. This employment growth was a key factor supporting the overall expansion in the non-oil private sector.
The continued growth in Saudi Arabia’s non-oil private sector reflects ongoing economic diversification efforts in the Kingdom (TADAWUL:4280) as it works to reduce its dependence on oil revenues.
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