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SABB/HSBC Saudi PMI Index: Economic performance rises to three-year high

SABB/HSBC Saudi PMI Index: Economic performance rises to three-year high
Saudi British Bank (SABB) has announced the results of the SABB/HSBC Saudi Arabia Purchasing Managers' Index™ (PMI™) for September 2014.
This report, which is issued by SABB and HSBC, mirrors the economic performance of Saudi Arabian non-oil producing private sector companies through monitoring a number of variables, including output, orders, prices, stocks and employment.
September's report showed the continued improvement in operating conditions in Saudi Arabia's non-oil producing private sector economy.
After accounting for seasonal factors, the headline PMI posted 61.8, up from August's 60.7 and the best reading since June 2011. Accordingly, the PMI has risen for four successive months.
The PMI was boosted by an accelerated increase in new work and output.
The latest data showed that new business rose at its strongest pace for 28 months, amid strong demand for goods and services.
Construction was notably reported by several sources to be a key area of demand growth, while others reported the benefits of higher marketing and promotional activities.