DUBAI - Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output.
"This uptrend hints at an anticipated spike in the non-oil GDP, likely exceeding the 4.5% mark for this year," Naif Al Ghaith, Riyad Bank's chief economist, said about the overall PMI. Saudi Arabia's economy contracted an estimated 1.8% year-on-year in the first quarter as a decline in oil activities continued to hurt overall growth.
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