(Bloomberg) — Business activity in the Arab world’s three largest economies returned to growth, with Egypt seeing its first expansion in 14 months.
After a deterioration in August, the non-oil private sectors improved last month despite continuing job losses as companies adjusted to the economic challenges of the global pandemic while governments eased restrictions put in place to stop the coronavirus.
A measure of non-oil private sector activity in Saudi Arabia, Egypt and the United Arab Emirates rose last month above the threshold of 50 that separates growth from contraction, according to Purchasing Managers’ Index surveys compiled by IHS Markit. Qatar’s Financial Center PMI fell sharply but stayed above the critical 50 mark.
The IHS Markit Egypt PMI rose to 50.4 from 49.4 in August as consumer demand and export sales reboundedSaudi Arabia’s PMI had its first