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The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly the S&P Global Saudi Arabia PMI, fell to 56.9 points in December 2022.
However, this is well above the 50 mark separating growth from contraction, which indicates a strong improvement in business conditions in the non-oil sector.
According to the report, this recovery is mainly due to strong increase in business activity, despite the slowed growth rate compared to November, when it hit its highest level in seven years.
Companies mainly linked the increase in business activity to strong sales and improvement in market demand.
Saudi companies increased the number of employees in December to enhance operating efficiency, Riyad Bank said, adding that the job creation rate is the fastest in nearly five years, since January 2018.
Naif Alghaith, chief economist at Riyad Bank, said the job creation rate in the non-oil sector witnessed its strongest level in about five years. He attributed this to the ongoing reforms that support the private sector, in light of Vision 2030.
|
Saudi Arabia PMI since 2019* |
|||
|
Month |
Index (Points) |
Change (Points) |
Change (%) |
|
January 2019 |
56.2 |
-- |
-- |
|
February |
56.6 |
0.4 |
0.7% |
|
March |
56.8 |
0.2 |
0.4% |
|
April |
56.8 |
-- |
-- |
|
May |
57.3 |
0.5 |
0.9% |
|
June |
57.4 |
0.1 |
0.2% |
|
July |
56.6 |
(0.8) |
(1.4 %) |
|
August |
57.0 |
0.4 |
0.7% |
|
September |
57.3 |
0.3 |
0.5% |
|
October |
57.8 |
0.5 |
0.9% |
|
November |
58.3 |
0.5 |
0.9% |
|
December |
56.9 |
(1.4) |
(2.4 %) |
|
January 2020 |
54.9 |
(2.0) |
(3.5 %) |
|
February |
52.5 |
(2.4) |
(4.4 %) |
|
March |
42.4 |
(10.1) |
(19.2 %) |
|
April |
44.4 |
2.0 |
4.7% |
|
May |
48.1 |
3.7 |
8.3% |
|
June |
47.7 |
(0.4) |
(0.8 %) |
|
July |
50.0 |
2.3 |
4.8% |
|
August |
48.8 |
(1.2) |
(2.4 %) |
|
September |
50.7 |
1.9 |
3.9% |
|
October |
51.0 |
0.3 |
0.6% |
|
November |
54.7 |
3.7 |
7.3% |
|
December |
57.0 |
2.3 |
4.2% |
|
January 2021 |
57.1 |
0.1 |
0.2% |
|
February |
53.9 |
(3.2) |
(5.6 %) |
|
March |
53.3 |
(0.6) |
(1.1 %) |
|
April |
55.2 |
1.9 |
3.6% |
|
May |
56.4 |
1.2 |
2.2% |
|
June |
56.4 |
-- |
-- |
|
July |
55.8 |
(0.6) |
(1.1 %) |
|
August |
54.1 |
(1.7) |
(3.0 %) |
|
September |
58.6 |
4.5 |
8.3% |
|
October |
57.7 |
(0.9) |
(1.5 %) |
|
November |
56.9 |
(0.8) |
(1.4 %) |
|
December |
53.9 |
(3.0) |
(5.3 %) |
|
January 2022 |
53.2 |
(0.7) |
(1.3 %) |
|
February |
56.2 |
+3.0 |
+5.6% |
|
March |
56.8 |
+0.6 |
+1.1% |
|
April |
55.7 |
(1.1) |
(1.9 %) |
|
May |
55.7 |
-- |
-- |
|
June |
57.0 |
+1.3 |
+2.3% |
|
July |
56.3 |
(0.7) |
(1.2 %) |
|
August |
57.7 |
+1.4 |
+2.5% |
|
September |
56.6 |
(1.1) |
(1.9 %) |
|
October |
57.2 |
+0.6 |
+1.1% |
|
November |
58.5 |
+1.3 |
+2.3% |
|
December |
56.9 |
(1.6) |
(2.7 %) |
*Change on a monthly basis
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