Emirates NBD Purchasing Managers' Index rises to 53.2 after 53 historic low in Jan
Business conditions in Saudi Arabia improved in February 2018 as the Emirates NBD Purchasing Managers' Index rose to 53.2 after its historic low of 53 reached in January, Arab News reported. The initial slowdown was attributed to Riyadh’s decision to introduce a new value-added tax (VAT) at the beginning of 2018 which came alongside a range of price hikes.
Still, the country’s non-sector showed optimism as the outlook for future growth prospects improved and companies became more enthusiastic about development of new projects.
Economists expect the downturn from the beginning of 2018 to be temporary as companies took measures to cope with the challenges before them and cut selling prices in February in response to weakening demand, Arab News added.
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