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Saudi PMI hits 8-year high in February on strong demand
AI Summary
Content Summary: 
The Kingdom of Saudi Arabia's flag
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly the S&P Global Saudi Arabia PMI, grew to 59.8 points in February 2023.
The PMI saw the fastest growth in the non-oil private sector economy since March 2015, accelerating to the highest level in nearly eight years.
Firms reported a significant increase in demand linked to improving economic conditions. They also reported faster upturns in output, employment and purchasing, while optimism towards the year ahead remained robust.
However, the strong PMI was partly down to a sharp and accelerated increase in new business inflows.
More than 42% of surveyed companies stressed that new orders rose during the most recent survey period due to improvements in market conditions.
According to the survey, new projects, increased client numbers and some price promotions helped boost sales. In addition, export orders increased at a sharp and quicker pace.
Total new orders rose to the greatest extent since September 2014.
|
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 %) |
|
January 2023 |
58.2 |
+1.3 |
+2.3% |
|
February |
59.8 |
+1.6 |
+2.7% |
*Change on a monthly basis
The PMI is a weighted average of the following five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%). For the PMI calculation the suppliers’ delivery times index is inverted so that it moves in a comparable direction to the other indices.
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