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The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 57.2 points in February.
The index showed significant operational improvement in the non-oil private sector, with Saudi companies experiencing the fastest business growth in five months after a previous two-year low in January.
Companies attributed production increases to stronger customer demand and a tourism boost.
The rise in the new orders sub-index in February led to more employment, despite the ongoing competitive pressures affecting demand and pricing. Future activity outlook and robust supply chains contributed to a notable inventory build-up.
During the same month, business inflows grew more than in January but were still less than Q4 2023. Although many reported attracting new clients and improved conditions, competitive challenges persisted and new export orders were weak, with a modest rebound in February.
Purchasing activities stayed strong as companies sought to ensure supply amid positive demand expectations, leading to the largest inventory increase since August 2022 and better delivery times. However, the pace of new purchases dipped slightly, reaching a nine-month low.
|
Saudi Arabia PMI since 2022* |
|||
|
Month |
Index (Points) |
Change (Points) |
Change (%) |
|
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% |
|
March |
58.7 |
(1.1) |
(1.8%) |
|
April |
59.6 |
+0.9 |
+1.5% |
|
May |
58.5 |
(1.1) |
(1.8%) |
|
June |
59.6 |
+1.1 |
+1.9% |
|
July |
57.7 |
(1.9) |
(3.2%) |
|
August |
56.6 |
(1.1) |
(1.9%) |
|
September |
57.2 |
+0.6 |
+1.1% |
|
October |
58.4 |
+1.2 |
+2.1% |
|
November |
57.5 |
(0.9) |
(1.5%) |
|
December |
57.5 |
-- |
-- |
|
January 2024 |
55.4 |
(2.1) |
(3.7%) |
|
February |
57.2 |
+1.8 |
+3.2% |
The PMI is a weighted average of the following five indices:
|
Riyad Bank PMI Details |
|
|
Sub-index |
|
|
New orders |
30 % |
|
Output |
25 % |
|
Employment |
20 % |
|
Suppliers’ delivery times |
15 % |
|
Inventory levels |
10 % |
|
Total |
100 % |
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