Riyad Bank Saudi Arabia’s PMI fell to 57.7 in July 2023 from 59.6 in the previous month, the lowest reading since December 2022. The slowdown in business activity was attributed mainly to a softer new order growth, which was the weakest this year. However, despite weaker order intakes, output growth held close to that seen a month earlier. Also, purchasing activity continued to increase, but the rate slowed to a three-month low. Meanwhile, employment rose for the sixteenth month, although the pace of hiring moderated to its lowest in eight months. On prices, input costs eased to a nine-month low amid reports of softer rises in purchasing costs and staff wages. Consequently, output charges decreased for the first time in nearly two and a half years. Finally, business expectations remained upbeat, but the degree of optimism was the second lowest this year, weighed by concerns about rising competition and difficulties in stimulating demand. source: Markit Economics

Manufacturing PMI in Saudi Arabia averaged 56.27 points from 2011 until 2023, reaching an all time high of 61.80 points in September of 2014 and a record low of 42.40 points in March of 2020. This page provides the latest reported value for - Saudi Arabia Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Saudi Arabia Non-Oil Private Sector PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Manufacturing PMI in Saudi Arabia is expected to be 58.70 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Saudi Arabia Non-Oil Private Sector PMI is projected to trend around 57.00 points in 2024, according to our econometric models.

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Saudi Arabia Non-Oil Private Sector PMI



Related Last Previous Unit Reference
Manufacturing PMI 57.70 59.60 points Jul 2023

Saudi Arabia Non-Oil Private Sector PMI
In Saudi Arabia, the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index measures the performance of companies in non-oil private sector and is derived from a survey of 400 companies, including manufacturing, services, construction and retail. The Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the non-oil private sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.
Actual Previous Highest Lowest Dates Unit Frequency
57.70 59.60 61.80 42.40 2011 - 2023 points Monthly
SA

News Stream
Saudi Non-Oil Private Sector Growth at 7-Month Low
Riyad Bank Saudi Arabia’s PMI fell to 57.7 in July 2023 from 59.6 in the previous month, the lowest reading since December 2022. The slowdown in business activity was attributed mainly to a softer new order growth, which was the weakest this year. However, despite weaker order intakes, output growth held close to that seen a month earlier. Also, purchasing activity continued to increase, but the rate slowed to a three-month low. Meanwhile, employment rose for the sixteenth month, although the pace of hiring moderated to its lowest in eight months. On prices, input costs eased to a nine-month low amid reports of softer rises in purchasing costs and staff wages. Consequently, output charges decreased for the first time in nearly two and a half years. Finally, business expectations remained upbeat, but the degree of optimism was the second lowest this year, weighed by concerns about rising competition and difficulties in stimulating demand.
2023-08-03
Saudi Non-Oil Private Sector Growth Accelerates
Riyad Bank Saudi Arabia’s PMI increased to 59.6 in June 2023 from 58.5 in the previous month, as output rose the most since March 2015, while sales growth was the strongest in nearly nine years. As a result, purchasing activity increased at a record rate, while stocks were expected to grow, with the rate of inventory accumulation reaching a ten-month high. Meanwhile, employment advanced to the highest level since August 2015, amid reports backlogs of work declined for a thirteenth successive month. In addition, the supply chain improved at the sharpest pace in 13 years. On the pricing front, input cost increased, while output cost inflation slowed to a 16-month low amid competitive pressures. Looking forward, sentiment improved to the highest since January amid hopes of strengthening demand from government-backed investment and infrastructure projects.
2023-07-05
Saudi Arabia Non-Oil Private Sector Growth Remains Strong
Riyad Bank Saudi Arabia’s PMI fell to 58.5 in May 2023 from 59.6 in the previous month. Still, it remained above its long-run average of 56.9, as the rising market demand condition had pushed new order inflows to grow at its quickest pace in eight and a half years, while output also rose markedly, but slowing to its weakest rise in five months. Accordingly, firms increased their purchasing activity, although to the lowest extent this year. In addition, employment growth advanced to its fastest rate since 2018. However, some firms mentioned sustaining an uplift in staff expenses due to labor shortages and higher living costs. The rise in wages partly drove a broad uptick in input costs, prompting output charges to soar at its sharpest since August 2020. Finally, business sentiment remained positive, but the degree of optimism dropped to its lowest in a year weighed by rising competition.
2023-06-05