Economist: Saudi economy grows in June

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Transcript

00:00Talk us through the Purchasing Manager's Index and what the latest information tells us.

00:05Thank you very much, Tom, for having me on this show.

00:09As you rightly mentioned, the PMI recorded 57.2 for this month, which is in the expansion territory.

00:16That means the economy of Saudi Arabia has grown from last month when we compared it to the last month.

00:24By how much? By this 57.2, where previous month was growing, but it was growing at a slower pace than this month.

00:35So what does that tell us?

00:36It tells us that in the third month of this second quarter, the Saudi economy is growing and it's continuing to grow.

00:45We saw the GDP projections from the IMF has been adjusted from 3 to 3.5.

00:51And that takes into consideration both the oil economy and also the non-oil economy.

00:58With the PMI, it looks into the non-oil economy and it takes into account also the future output

01:06and the current things that happen within the economy and also takes into consideration the employment.

01:16All these things take into account and then we get the PMI, which points to the expansionary month for June.