Business activity in Saudi Arabia's non-oil private sector hit a three-month high in April and employment rates hit a five-month high, a survey revealed on Tuesday, as the Kingdom shows signs of recovering from the coronavirus pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 in April from 53.3 in March, remaining above the 50 mark that separates expansion from contraction for the eighth straight month.
"The Saudi Arabia PMI rebounded in April to indicate a strengthening of growth across the non-oil economy. New orders picked up at the quickest rate for three months as business conditions continued to recover from COVID-19," said David Owen, Economist at IHS Markit.
The output subindex rose to 58.7 in April from 56.2 in March, with growth widely linked to improving new orders.
Higher demand led firms to increase staff for the first time in five months and at the fastest rate since November 2019.
In other news, the Saudi Ministry of Human Resources and Social Development announced the dates for Eid al-Fitr holiday for the public, private and non-profit sectors.
The Eid will commence for the public sector by the close of work on Thursday, May 6 until Monday May 17.
The ministry also announced that Eid holidays for the private and non-profit sectors will commence by the close of work on Tuesday, May 11 and will continue for four days.