Saudi PMI falls to 55.7 points in April: S&P Global

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Saudi Arabia Purchasing Managers’ Index (PMI) declined 1.1 points to 55.7 points in April, compared to 56.8 points in March, which was the lowest level in three months, S&P Global said in its latest report.

The latest reading indicates that the Saudi Arabian non-oil private sector continued to grow strongly in April, as the latest PMI data pointed to marked expansions in output and new orders at the beginning of Q2 2022. This is attributed to the robust growth in orders of new customers.

Although production expansion fell to its lowest level since January, it was broadly in line with the average recorded in Q1 2022. In addition, new business flows rose noticeably, although at a slower pace, amid the increase in domestic and foreign orders in April.

According to the report, companies made great efforts to purchase larger quantities of raw materials in April, despite concerns about cost, to meet demand and increase inventories.

Meanwhile, buying levels and inventories both rose at the sharpest rate since December 2017.