Business activity in Saudi Arabia last month grew at the weakest pace in 10 months as lower export demand weighed on the kingdom’s non-oil economy. A Purchasing Managers’ Index compiled by IHS Markit fell to 54.1 in August from 55.8 in the previous month, remaining above 50, the mark that separates growth from contraction. The survey showed employment growth remained negligible while stocks of purchases rose at the slowest pace since October. “The non-oil economy went slightly off the boil in August, as output growth slipped to the weakest level for 10 months amid a slowdown in new business gains,” wrote David Owen, economist at IHS Markit. “Whilst domestic orders remained strong and firms saw an upturn in tourist numbers, many businesses continued to find market conditions challenging amid the pandemic.” Owen […]